Taking the leap from renting to buying a home is one of the biggest financial decisions a person can make. But did you know than a monthly mortgage payment can often be cheaper than paying rent?
According to a study done last year by trulia.com, buying a home is 23% cheaper than renting nationwide. To put that into perspective, consider that as of May 2016 the average rent for a one-bedroom apartment in Chattanooga is $792 and a two-bedroom comes in at an average of $965, according to rentjungle.com. This is a pretty hefty sum of money to be putting toward something that won’t be an investment for you in the long run.
With mortgage rates at an incredible low and rental prices only getting higher, there is no better time than now to purchase…
