Cost ratio of mortgage payment vs. rent?
October 6, 2006 10:17 PM Subscribe
When you made the jump from paying the rent to paying a mortgage, what was the ratio?
posted by woj to work & money (36 answers total) 4 users marked this as a favorite
I'm considering becoming a first-time homebuyer, and I'm looking for anecdotal accounts of the ratio of the rent one was paying versus the mortgage payment. For example, my parents related that they were paying $200 a month in rent until they bought their first home (in California), at which point their mortgage was $600 monthly. A 1:3 ratio.
Just trying to get a feel for the cost jump most people face. No need to post dollar amounts involved if you'd rather not. I also understand that there are tax benefits, etc. that come along with owning a home, but for the purposes of this question I'm just interested in the change in actual monthly outgoing cash. Thanks!