| 50 YEARS, 1 HOME @ 5% APR: | |
| Purchase: | $ 300,000.00 |
| 10% Down: | $ 30,000.00 |
| Closing: | $ 6,000.00 |
| Interest: | $ 300,000.00 |
| Repairs: | $ 50,000.00 |
| Upgrades: | $ 100,000.00 |
| Property Taxes: | $ 120,000.00 |
| Moving (1 time): | $ 5,000.00 |
| Property Tax Deduction: | $ (20,000.00) |
| Interest Deduction: | $ (80,000.00) |
| Storage Fees: | $ - |
| Total: | $ 811,000.00 |
| Avg. Monthly: | $ 1,351.67 |
| 50 YEARS, 10 HOMES RENT @ $2100/month | |
| Monthly Rent @ 3% Annual: | $ 2,842,481.06 |
| Moving (5 times): | $25,000 |
| Storage Fees ($100/mo): | $60,000 |
| Total: | $ 2,927,481.06 |
| Avg. Monthly: | $ 4,879.14 |
A friend of mine lived in a rental for 15 years. Had the house filled with all sorts of stuff that he moved in with, plus accumulated stuff (paperwork and professional magazines mostly).
Last month his landlord gave him thirty days to get out. It took him 40 days - so he had to pay for all of Nov. as well. With all the time spent packing and moving (to a storage place) he is just now figuring out where to live. (Staying with a friend).
Oh - he’s 71!