7-Year Rent vs Buy in Birmingham, AL
If you plan to stay in Birmingham for 7 years, here's how renting and buying compare.
🏠 Buying Appears Better
Potential savings by buying: $21,148
Total Rent Paid
$105,742
Total Owner Costs
$169,974
Equity After Selling
$85,380
Customize Your Analysis
The above results use default assumptions. Adjust the inputs below to match your specific situation.
Rent vs Buy in Birmingham, Alabama
Should you rent or buy a home? Calculate your best option.
Your Scenario
$
$
%
%
7 years
1 years30 years
Explore Scenarios
Adjust these sliders to see how different assumptions affect your decision.
Mortgage Rate7.00%
5%7%9%
Home Appreciation3.0%
0%3%5%
Rent Growth3.0%
0%3%6%
Time Horizon7 years
35710
💡 Tips
- • Higher mortgage rates favor renting
- • Higher home appreciation favors buying
- • Higher rent growth favors buying
- • Longer time horizons typically favor buying
🏠Buying is Better
You could save $21,148 by buying
Over 7 years
Monthly Cost (Rent)
$1,259
Average
Monthly Cost (Own)
$1,476
Average (excl. equity)
Total Rent Paid
$105,742
Total Owner Costs
$169,974
Final Equity
$85,380
After selling costs
Break-Even Year
Year 4
Within horizon
Upfront Costs to Buy
Down Payment (20%)$40,000
Closing Costs (3%)$6,000
Total Needed$46,000
Cost Comparison Over Time
Total Rent Paid
Total Owner Costs
Net Cost (After Equity)
Share your scenario:
🏠
Rent or Buy Today
Enable ads in preferences for personalized content