There are currently 127 places for rent that cost $5,000 or more, 414 that are in the $3000-$4999 range, and 579 places in the $1,999-$2,999 range. Please take a moment to consider whether it may make more sense to stop throwing that money away and buy a home this spring!
(Please note that these are the minimum numbers of units since they only reflect what is actively for rent on MLS and not necessarily what is on Zillow or Craig's List).
The following is an approximate breakdown of 3 monthly rent scenarios, created by the mortgage division of William Raveis, that translate into a home purchase amount. I hope these are eye-opening for your buying potential!
$5,000 in rent per month =
PURCHASE OF $1,000,000.00
(picture above is an active $1 million listing on MLS as of 1/24/18)
Loan of $800,000 @ 4.125% (APR 4.214%) = PITI (Principal, Interest, Taxes, Insurance) of $3,877.19 a month
Taxes ($1,000), Insurance ($125.00) = TOTAL PAYMENT of $5,002.19
LESS TAX DEDCUTIONS / Add HOA (Home Owners Association) fee and it's nearly equal
$3,500 in rent per month
PURCHASE OF $750,000
(picture above is an active $750,000 listing on MLS as of 1/24/18)
Loan of $600,000 @ 4.125% = PITI of $2,907.89 a month
Taxes ($742), Insurance ($93.00) = TOTAL PAYMENT of $3,743.83
LESS TAX DEDUCTIONS / Add condo fee, if applicable and it's nearly equal
$2,500 in rent per month
PURCHASE OF $450,000
(picture above is an active $450,000 listing on MLS as of 1/24/18)
Loan of $360,000 @ 4.125% = PITI of $1744.73 a month
Taxes ($550), Insurance ($70.83) = TOTAL PAYMENT of $2,365.56
LESS TAX DEDUCTIONS / Add Condo fee and it's nearly equal
▪️ Please note Raveis Mortgage has room for PMI and higher loan amount with smaller down payment.
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