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What explains why people with higher incomes favor buying a home over renting?

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Buying is an investment, but it's also more expensive.
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Is renting a home less costly than buying a home?

Renting vs. Buying . Is renting cheaper? No. Given the same house it will almost always be cheaper to own than to rent. Here is why: Somebody owns that house. And there is

How can buying a home help with your income taxes?

Home interest increases your deductions   The interest you pay when you buy home is an itemized deduction on your tax return. As long as the interest and your other itemi

How much income is needed to buy a home?

While income is an important factor in the purchase of a new home,  it is not the only criterion. However, generally, lenders will not  loan money on a home where the paymen

What is the Qualifying income to buy 1000000 home?

  That question can not be answered without the overall expenses being outlined. When true debt-to-income ratios are calculated, they include all debt known to the lender

Can you buy a home with a low income?

The answer would be yes, depending. A good rule of thumb is to calculate 43% of your gross income. Then, subtract your monthly payments (credit cards, installment loans and su

Do Germans rent or buy their homes?

Germans rent and buy homes, just like most other places in the world. Usually people with lower incomes will rent a place, where people with solid careers own their own houses

What are the advantages and disadvantages of renting or buying a home?

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How much income do I need to buy a home?

It depends on your recurring monthly debt (minimum monthly payments). This number divided by your gross monthly income give you your debt-to-income ratio. This ratio can be no