Additional “phantom” costs in the form of maintenance, taxes, HOA fees, private mortgage insurance, and inflation must be figured into that monthly payment.
Do your homework on upfront costs, anticipated maintenance costs per year or over several years, and spread those expenses into your monthly payment.
Other landlords break even and, still others, actually lose money each month, as your rent payment is nowhere close to the monthly mortgage and expenses that they need to shoulder.
If people have been struggling to pay bills, missed payments, or potentially have maxed out credit cards, how could the average FICO credit score hit a record high of 711 in July 2020?