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!
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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 :-)