Rent vs. buy
Renting isn't 'throwing money away,' and buying isn't always cheaper. Put in your numbers and see the year buying actually pulls ahead ... for how long you'll really stay.
The verdict
Buying wins after ~7 years
Over 7 years, buying could save about $4,249.
Lower is better. Buying can go negative ... that means you come out ahead vs. where you started.
Estimate only. Assumes ~1.35% taxes, $1,400/yr insurance, 1%/yr upkeep, 2% buying and 7% selling costs, and a 4%/yr return if the down payment were invested instead.
First-time buyers
Think you need a fortune to buy? You probably don’t.
Most people overestimate the cash it takes to get into a home. There are real ways to buy with far less up front ... and helping you find the right one is what we do.
- As little as 3–3.5% down with FHA and first-time conventional loans
- Down payment assistance ... some Metro Detroit programs up to $25,000
- $0-down options for those who qualify (VA and USDA rural)
- First-time buyer programs + the Michigan First-Time Home Buyer Savings Account
What tips the scale
- How long you stay ... buying’s upfront and selling costs need years to earn back. The longer you stay, the more buying wins.
- Rent growth ... a fixed mortgage stays put while rent climbs every year.
- Appreciation & equity ... each payment builds ownership, and the home may gain value.
Thinking it through?
Every situation is different ... let’s talk through your timeline and goals, run your real numbers, and figure out what actually makes sense for you. No pressure.