Bene? ts for homeowners can really add up in Manhattan, New York

In many cases, the amount of money a renter spends on rent can be about the same or less than the amount a homeowner spends on a mortgage. With tax bene? ts, the savings can be signi? cant. The chart below shows a cost comparison for a renter and a homeowner over a seven-year period.? The renter starts out paying $3,300 per month with annual increase of 5%.? The homeowner purchases a home for $450,000 and pays a monthly mortgage of $3,525.? After six years, the homeowner?s payment is lower than the renter?s monthly payment.? With the tax savings of homeownership, the homeowner?s payment is less than the rental payment after just three years.