Rent $1,500/mo vs Buy a $600K Home
A side-by-side financial comparison of renting at $1,500/month vs buying a $600,000 home with 20% down over 5 to 30 years.
Monthly Ownership Breakdown
Wealth Comparison Over Time
| Year | Renter Wealth* | Home Equity | Winner | Difference |
|---|---|---|---|---|
| Year 5 | $176,319 | $261,022 | Buy | $84,703 |
| Year 7 | $205,659 | $326,201 | Buy | $120,542 |
| Year 10 | $259,071 | $434,946 | Buy | $175,875 |
| Year 15 | $380,660 | $650,608 | Buy | $269,948 |
| Year 20 | $559,315 | $919,611 | Buy | $360,297 |
| Year 30 | $1,207,519 | $1,684,076 | Buy | $476,557 |
* Renter wealth = down payment invested at 8% return. Home equity = home value (3.5% appreciation) minus remaining mortgage.
Analysis: Renting at $1,500 vs Buying at $600K
At $4,402/month, owning this $600K home costs significantly more than your $1,500/month rent. However, a portion of each mortgage payment builds equity, and the home is expected to appreciate at 3.5%/year.
Based on these assumptions, buying becomes the better financial move after about 5 years. If you plan to stay shorter than that, renting is more cost-effective. For a personalized analysis, use our mortgage calculator or explore other price points below.
Compare Other Home Prices (at $1,500/mo rent)
Compare Other Rent Levels (vs $600K home)
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