Page 13 - 11X8.5 REALITY FAIR

HOUSING & UTILITES

Welcome to the Housing and Utilities table! Choosing a home that you will live in for a good portion of your adult
life can be a diffcult decision to make. Choose 1 option from the 4 total options available to you.

There are 2 renting and 2 purchasing options (with a mortgage) to choose from.
A mortgage is a loan from a bank or credit union (borrowed money) that is paid back monthly with interest.

Once the loan is paid back in full, the home is yours. When choosing a home, take into consideration family size
and lifestyle. Having a family size of 3 children in a one bedroom apartment may not work.
Having a pet or two may require a yard. Note, with any home there are monthly utility charges. Those charges cover

water, gas and electric. If renting an apartment, utilities cost may be covered in the rent you pay each month.
With a larger home and family size, the higher utilties cost. Review housing options and utilties cost for each month.
THINGS TO CONSIDER:

• When renting, home repairs may be covered in the rent paid monthly by simply informing your landlord.

• If you own a home that needs repairs, those costs come out of pocket.
• Upfront cost of renting a home is less money (by thousands of dollars) than purchasing a home.

• After paying off a mortgage on a purchased home, you own it.
• If paying rent on a rented home, you will not own it in the end.

PURCHASE SINGLE FAMILY HOME RENT SINGLE FAMILY HOME
3 bedrooms 2 1/2 bathrooms 3 bedrooms 2 bathrooms
Gas/water/electric: $240 Gas/water/electric: $185
Monthly mortgage total: $2,240 Monthly rent total: $1,385

PURCHASE TOWN HOME
3 bedrooms 2 bathrooms RENT AN APARTMENT
Gas/water/electric: $125 2 bedrooms 2 bathrooms
Monthly mortgage total: $1,625 Gas/water/electric: $0
Monthly rent total: $650

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