If you buy a home in Grants Pass this year it’s value in 20 years will be huge! A modest $200,000 home today could be worth between $297,189 at 2% inflation and $530,660 at 5%!
If you stay as a tenant, your $1221 a month rent plus renter’s insurance will go to $1814 (at 2%) to $3241 (at 5% inflation). As a tenant your real estate NEST EGG will be zero, while as a homeowner, your equity could be as much as $437,975 as you pay down your mortgage and if vlaues go up 5%/year.
Meanwhile, the highest your mortgage, taxes and insurance payment could be $1693 if inflation is at 5%. Why? Your mortgage is fixed, and Oregon taxes go up no more than 3% a year, so its just the homeowner’s insurance that could see a big increase.
You not only get the satisfaction of owning your home, the financial benefit of increased equity, but an income tax benefit by being able to deduct your mortgage interest!
Why wait? Don’t buy ‘”stuff” that loses value, buy a home that grows in value! Talk to a lender to see what loan you qualify for and what you might need to do to improve your credit score.
For more detail, click here: Rent vs Buy 20 Year Projection 2016