Depends on the area but 1600 a month is about 19200 per year, which assuming a 5% increase year over year (not exactly realistic but worse case scenario) equates to around 678,800 after 20 years. Depending on the quality of home you're renting, that could be anywhere from half a million to over 2 million for a 20 year mortgage.
Going to vary wildly by where you are living but overall, seems renting is the cheaper solution, and the caveat of whether or not that home will be worth what you paid for it in 20 years if you decided to sell it. And of course, not considering property taxes.
Depends on the area but 1600 a month is about 19200 per year, which assuming a 5% increase year over year (not exactly realistic but worse case scenario) equates to around 678,800 after 20 years. Depending on the quality of home you're renting, that could be anywhere from half a million to over 2 million for a 20 year mortgage.
Going to vary wildly by where you are living but overall, seems renting is the cheaper solution, and the caveat of whether or not that home will be worth what you paid for it in 20 years if you decided to sell it. And of course, not considering property taxes.
Jesse