Are you paying a mortgage payment in rent?
Take a minute to weight your options.
In Charles County Maryland a detached home, with three bedrooms and two bathrooms, rents for between $14-1900.00 a month. The average sales price is $290,000.00 for the same basic stats.
Lets say you bought one of those homes for $290,000. You chose a 30 year mortgage and your annual interest rate was 5% (rates change all the time but 5% if pretty high right now. You should be able to get lower.)
Your monthly principle and interest payment is going to be around $1500.00 a month.
So you tell me. Are you paying a mortgage payment in rent?