our monthly cost to rent is usually less than your monthly cost to buy.

The amount of money that you will spend each month on rent will rise as the landlord's costs go up and as the supply and demand for housing change in your area (it hardly ever decreases).

Your monthly costs as a home owner will be based on:

Housing expenses
This includes your mortgage Principal and Interest, property Taxes and Insurance, all which are referred to as PITI. The cost of each of these expenses may change with time, especially if you have an adjustable rate loan.

Maintenance
Also, property maintenance costs money. A rule of thumb is that basic repairs and improvements will cost you at least 1 percent of the value of the house every year.Mortgage payment
+ Property taxes
+ Insurance
+ Maintenance
- Tax savings
Monthly cash flow
Tax savings
The advantage to owning a home is that some of your expenses may be tax deductible, including your interest payments on your mortgage, and your property taxes. Click here for more details.