Renting vs Buying Analysis
This analysis compares median mortgage payments to median rents across 30 cities and 75 zip codes in the Austin metro area. It calculates the payment on a median priced home with 20% down (principal, interest, taxes and insurance - PITI) as a percentage of the median household income for each area. It compares that to median rent as a percentage of median income.
This analysis compares median mortgage payments to median rents across cities and zip codes in the Austin metro area. It calculates the payment on a median priced home with 20% down (principal, interest, taxes, and insurance - PITI) as a percentage of the median household income for each area. It compares that to median rent as a percentage of median income. It is important to note that purchasing a home can offer significant tax savings compared to renting, in addition to the other financial considerations.
Disclaimer: The information provided is based on the median sold price, average mortgage rate, 0.68% insurance, and average tax rate for the specified area. Please keep in mind that actual property figures may vary and are subject to individual circumstances and market fluctuations.
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