It might get to where it is more affordable to buy than rent. Oh wait, it already did.

It seems likely that at least one of these active listings at Avalon Woods could be purchased for $130,000 -- and I know of several townhouses that have recently been rented for $875/month in Avalon Woods.  As you can see above, this tips the scales towards owning a home being the more affordable option on a monthly basis.



Of further interest, is that of that $791 monthly payment, a full $189 goes towards the principal of your mortgage -- thus you're paying down over $2,000 of that mortgage debt in the first year alone.

Certainly, there are other upfront costs (closing costs, down payment) that you will have when buying --- but it is once again an exciting time for first time buyers when you can potentially reduce your monthly housing budget through buying a home.