Overland Park KS Homes for sale & Johnson County Real Estate Blog: Rent vs. buying in Johnson County Kansas

Rent vs. buying in Johnson County Kansas

I just finished reading a report that it cheaper to buy a house than it is to rent in 74 major metro area real estate markets. While Kansas City is listed as a whole, the report did not seperate Johnson County Kansas from the metro area. As a whole Kansas City was listed as cheaper to rent than buy with average rents being between $800 and $1000.

The question I want to ask you is how does this stack up against your Johnson County Rent? Is is cheaper to rent in Johnson County Kansas or is now the time to buy?

Let's take 3 scenarios to see how your monthly rent payment compares to what your payment may look like if you purchased a home in Johnson County.

 

$100,000 Johnson County Kansas Home Purchase

Down Payment needed (3.5%)   = $3,500

Principal and interest @ 4.5%     = $488.95

Property taxes based on $2100  = $175

Home owners insurance @ 700   = $59

Mortgarge insurance                  =$75

Total monthly payment               $797.95

 

Click Here to see Johnson County Kansas homes for $100,000 or less

 

$150,000 Johnson County Kansas Home Purchase

Down Payment (3.5%)    = $5250

Principal & interest         = $733

Property Tax @ 2600     = $217

Insurance @ $850         = $71

Mortgage Insurance      =$100

Total Monthly Payment   $1,121


Click Here to see Johnson County Homes for $150,000 or Less


$200,000 Johnson County Kansas Home Purchase

Down Payment needed (3.5%) = $7,000

Principal & interest                  = $977

Taxes @ $3,100                     = $258

Insurance @ $900                  = $75

Mortgage Insurance               = $125

Total Monthly Payment               $1435


Click Here to see Johnson County Homes for $200,000 or less


So how do these monthly payment stack up vs. your rent? Average home prices are down by over 15% in the last 3 years and interest rates are the lowest they have ever been, are you ready? Let The Russell Home Team show you the way to your new home!

 

 Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 17 years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...

Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com  or www.SearchjocoHomes.com

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Comment balloon 1 commentMike Russell • August 18 2011 12:22PM

Comments

I had to comment on this because "Johnson County" in the title caught my eye!  I live in Johnson County, but it's in Arkansas.  Great post, Michael!   Have a great day in Johnson County :-)

Posted by Leigh Ann Holman, REALTOR - Century 21, River Valley, Arkansas (479)774-5166 (Leigh Ann Holman - Century 21 Glover Town & Country) over 6 years ago

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