Own your future · Step 1
The Big Picture
Renting can win this month. Owning tends to win the longer you own, because every payment quietly builds something that is yours — and that keeps compounding even when you move to your next home. See the big picture for your numbers, then take the first step, whether you buy this year or in three.
Your starting point
Two or three numbers is enough. Defaults are rough national averages — change what you know.
The average first-time buyer puts down about 8%, not 20%. Assistance programs can cover much of this.
The Big Picture · 10 years
Own for about 10 years and you could build $91,138 more wealth than renting, with $214,049 in equity that is yours.
Owning starts costing about $2,804/mo all in, versus $1,800 in rent. Your two paths cross around year 3. A renter who invested every spare dollar would do better, but few do, which is why owning often wins in real life: the saving is automatic. If you will move in a year or two and not buy again, renting may genuinely be the smarter call right now — and that is okay.
Your path to the front door
You do not have to be ready today. These are the things that move you from renting to owning, in the order most people tackle them.
This is an estimate to help you think, not financial advice. It assumes a fixed-rate mortgage and steady appreciation, and counts the equity you build as a homeowner across the years (selling or moving carries costs of roughly 6 to 9% whenever you do it). By default it assumes you would not invest the money renting saves you, which is true for most people — turn that on in advanced if you would. A FirstHome IQ certified professional can run the picture for your specific situation.