7-Year Rent vs Buy in Charlotte, NC
If you plan to stay in Charlotte for 7 years, here's how renting and buying compare.
⚖️ It's Close Either Way
Potential savings by renting: $1,200
Total Rent Paid
$160,912
Total Owner Costs
$324,334
Equity After Selling
$162,223
Customize Your Analysis
The above results use default assumptions. Adjust the inputs below to match your specific situation.
Rent vs Buy in Charlotte, North Carolina
Should you rent or buy a home? Calculate your best option.
Your Scenario
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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
⚖️It's a Toss-Up
You could save $1,200 by renting
Over 7 years
Monthly Cost (Rent)
$1,916
Average
Monthly Cost (Own)
$2,821
Average (excl. equity)
Total Rent Paid
$160,912
Total Owner Costs
$324,334
Final Equity
$162,223
After selling costs
Break-Even Year
Never
Beyond horizon
Upfront Costs to Buy
Down Payment (20%)$76,000
Closing Costs (3%)$11,400
Total Needed$87,400
Cost Comparison Over Time
Total Rent Paid
Total Owner Costs
Net Cost (After Equity)
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