If you’re renting and wondering if it’s time to buy, you’re not alone — especially as a first-time buyer, when the decision feels big (and not just financially).
How much can I afford? What’s the process? Am I even ready?
Let’s walk through that uncertainty together — with real numbers and local insight to help you make a smarter decision.
What Does It Actually Cost?
As of April 2025, average rent in Harrisonburg looks like this:
- 1-bedroom: ~$1,024/month
- 2-bedroom: ~$1,165/month
Now let’s look at what it would cost to buy a $250,000 home — the median price for smaller starter homes here this year.
Option 1: FHA Loan (3.5% Down)
- Down Payment: $8,750
- Loan Amount: $241,250
- Interest Rate: 6.64% (30-year fixed)
- Principal + Interest: $1,545
- Mortgage Insurance: $111
- Property Taxes: $210
- Homeowners Insurance: $120
Total Monthly Cost: $1,986
Option 2: Conventional Loan (20% Down)
- Down Payment: $50,000
- Loan Amount: $200,000
- Interest Rate: 6.64% (30-year fixed)
- Principal + Interest: $1,284
- No Mortgage Insurance
- Property Taxes: $210
- Homeowners Insurance: $120
Total Monthly Cost: $1,614
What If You House Hack?
House hacking simply means buying a property and renting out part of it to help cover your mortgage costs.
Let’s say you rent out your second bedroom for $750/month:
With FHA Loan (3.5% Down):
- $1,986 total – $750 rent = $1,236 out of pocket
With 20% Down:
- $1,614 total – $750 rent = $864 out of pocket
That puts you at — or even below — what you’d pay to rent in Harrisonburg. But now you’re building equity, not just paying someone else’s mortgage.
Why Buying Still Makes Sense
Buying a home isn’t just about monthly cost. Even if it’s a little higher, you’re gaining:
- Equity: You’re investing, not just paying rent
- Stability: Fixed mortgage > rising rent
- Freedom: Personalize your space
- Tax perks: Mortgage interest is often deductible
And if you house hack, you’re essentially covering part (or most) of your payment.
What’s Happening in the Market?
Harrisonburg is still in a seller’s market. Inventory is tight, and homes move fast.
But don’t let that scare you off. The best way to prepare is to start exploring. Walk through a few places. Learn what you like. You don’t have to be ready to buy today — just ready to learn.
So… Should You Rent or Buy?
It depends. But the key is this: don’t just compare monthly costs — consider what you’re building.
If you’re planning to stay for a few years, buying can set you up with more stability and long-term growth than renting ever will.
Let’s Talk It Out
Got questions? I’ve been there — I recently bought my first home too. Let’s talk through what this could look like for you. No pressure, just clarity.
540-830-5097 | luke@lukewrogers.com