Last June, the average national monthly rent cost reached an all time high of $1,405/month. Let’s say you make $12/hour at your job. You’d have to work 117 hours (nearly 3 full 40 hour weeks) just to pay a month of rent, not including utilities, food, entertainment expenses, etc.
Rent in Indiana is slightly less outrageous. Last year, the average rent cost in Marion Co. for a 2-bedroom apartment was $918/month, which is projected to increase to about $946 this year. Buying a property can be cheaper and rewards you by increasing your equity in the home with every payment.
If you were to buy a $175,000 house with 5% down on a 30 year term, your monthly payments would be about $900/month, less than the rent of most Marion Co. apartments, AND you’d be on your way to owning that property. A homeowner’s net worth is, on average, 44x greater than that of a renter, simply because of how great an asset a house is. The average equity gain on homes in Indiana in 2019 was about $10,000, nearly double the national average, so what are you waiting for? Don’t throw away another month of rent money- use it to boost your net worth and be one step closer to owning your own home!