Can you really afford NOT to buy a house?

Can you really afford NOT to buy a house? If you are currently sitting in the "renting boat", consider the following ownership vs. rent example below:

Suzy has a $900 mortgage that includes $700 of interest.
Her total house payments are $10,800 annually.
At the end of the year, $8,400 (12 months x $700) is tax deductible in the United States.
She is in the 28 percent tax bracket, so her tax savings are $2,352 ($8,400 X .28).
Her actual housing costs for the year are $8,448 ($10,800 - $2,352).
So Suzy has built $2,400 in equity!

Suzy's friend James currently rents because he believes he "can't afford" to buy.
He pays $800 in rent each month.
His housing costs for the year are $9,600.
So, even though James thinks he's saving money, he actually spends about $1,150 more than Suzy!
And he's not building any equity!

Contact me to begin your NC Triangle area home search today!

AND DON'T FORGET ABOUT THE $8000 FIRST-TIME HOMEBUYER'S TAX CREDIT! Contact me for details.