3-Year Rent vs Buy in Memphis, TN
If you plan to stay in Memphis for 3 years, here's how renting and buying compare.
⚖️ It's Close Either Way
Potential savings by renting: $9,359
Total Rent Paid
$42,654
Total Owner Costs
$105,216
Equity After Selling
$53,203
Customize Your Analysis
The above results use default assumptions. Adjust the inputs below to match your specific situation.
Rent vs Buy in Memphis, Tennessee
Should you rent or buy a home? Calculate your best option.
Your Scenario
$
$
%
%
3 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 Horizon3 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 $9,359 by renting
Over 3 years
Monthly Cost (Rent)
$1,185
Average
Monthly Cost (Own)
$1,581
Average (excl. equity)
Total Rent Paid
$42,654
Total Owner Costs
$105,216
Final Equity
$53,203
After selling costs
Break-Even Year
Never
Beyond horizon
Upfront Costs to Buy
Down Payment (20%)$42,000
Closing Costs (3%)$6,300
Total Needed$48,300
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