Question: should Alex rent or buy?

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Alex is deciding between renting and buying. He is able to save enough for a 20% down payment for a mortgage loan.

Monthly mortgage payment would be $614.09

Monthly rent would be $900

Renter's insurance is $300, and homeowner's insurance would be $800 per year

Property tax per year would be $1,800, and it would cost about $1,500 to maintain the house per year

He could earn $750 interest a year on the down payment if he rents, but he would need to pay $187.5 for tax on interest income.

He would be able to obtain $2,200 principal repaid on the mortgage loan each year

If he owns the house, he would be able to get tax deductions from mortgage payments. He could save $1,292.27 tax on mortgage interest, and save $450.00 tax on property taxes

The house value would appreciate by $3,125 a year.