Renting vs Buying in Hampton Roads

You Can Buy for the Same Amount as a Security Deposit*

For many renters across Hampton Roads, buying a home feels out of reach. Between rising rents, security deposits, and upfront costs, homeownership often seems like something to plan for “one day.”

Let’s break down what renting really costs, how buying compares, and why more first-time buyers are choosing ownership sooner than they expected.

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The Real Cost of Renting

When you rent, your upfront costs usually include:

• First month’s rent, Security deposit (often equal to one month’s rent), Application and administrative fees

In Hampton Roads, that can easily total $3,000 to $5,000 before you even move in. Rent payments build no equity and typically increase over time.

Buying a Home: What’s Different?

Buying a home does come with upfront costs, but many buyers are surprised to learn how flexible those costs can be.

Depending on the loan program, grants, and assistance available, buyers may qualify for:

• Low or zero down payment loan programs• Grants that help cover down payment or closing costs• Seller concessions that reduce out-of-pocket expenses

In certain situations, a buyer’s total cash needed to purchase can be comparable to what they would have paid for a security deposit and first month’s rent.

Same Payment, Different Outcome

Renting and buying may look similar month to month, but the long-term impact is very different.

When you rent:• Monthly payments go to your landlord• Rent often increases• No equity is built

When you buy:• Monthly payments build equity• Your housing cost can stabilize• You gain ownership and long-term value

For many buyers, the monthly payment for a starter home is similar to current rent, especially when interest rates, assistance programs, and loan options are used strategically.

Who This Works Best For

Buying for the cost of a security deposit is not a one-size-fits-all scenario, but it can work well for:

• First-time homebuyers• Buyers using VA, FHA, or conventional low-down-payment loans• Buyers eligible for local or state grant programs• Renters with steady income who are tired of rent increases

A quick review of credit, income, and goals can determine whether this strategy makes sense.

Renting Isn’t Wrong, But It’s Not the Only Option

Renting can be a good short-term solution. But for many renters, the idea that buying requires tens of thousands of dollars upfront is simply outdated.

With the right plan, buying may be closer and more affordable than expected.

Bottom Line

You may be able to buy a home for the same amount you’d spend on a security deposit.*

The best way to know is to look at your specific numbers, local programs, and loan options available in Hampton Roads. Ready to start? Book a call with me here.