Renting May Be Costing You More Than You Think (And What You Can Do About It)

Renting May Be Costing You More!

RENTING MAY BE COSTING YOU MORE THAN YOU THINK!

If you're currently renting and dreaming of buying a home—but feel stuck because of high prices or rising interest rates—you’re not alone. A lot of first-time buyers are feeling unsure right now, but here’s the truth: You may have more options than you think. Renting may be costing you more than you think!

One important mindset shift? Your first home doesn’t have to be your forever home.

If you approach this as a stepping stone—just a first step toward building equity—you’ll open up opportunities that you might have overlooked before. You may not get your dream kitchen or a huge backyard right away, but you will get a space of your own, potential tax benefits, and a path to long-term wealth through real estate.

Let’s take a look at an example here in the Far West End of Henrico County—also known as Area 22, which includes the popular Short Pump area.

What Renters Are Paying in the Far West End

I looked at a few local apartment complexes, and here’s what I found:

👉 A 3-bedroom apartment with about 1,164 square feet is going for around $2,070/month.That’s a lot of money going straight to your landlord’s pocket each month—with no tax write-offs, no equity building, and no freedom to truly make the space your own.

No painting the walls your favorite color. No planting flowers. No fenced-in yard. And while maintenance might be handled for you, it isn’t always fast or reliable. Sound familiar?

What If You Could Buy Instead?

Believe it or not, with a budget around $300,000, and using an FHA loan with a minimum 3.5% down payment, your monthly principal, mortgage insurance, and property taxes could start around $2,000/month—comparable to what many renters are already paying.

Of course, your exact numbers will depend on your credit score, current interest rates, insurance, taxes, and HOA fees. But it’s a strong starting point—and it gets better when you see what kinds of homes are available.

Affordable Townhomes & Condos in the Far West End

Here are a few communities you might want to explore:

• Heritage Hill Townhomes (Raintree)

  • 3 beds, 1.5 baths

  • ~1280 SF

  • Priced between $272K–$290K

  • HOA: $196/month (includes trash, exterior maintenance, snow removal)

  • Schools: Pemberton ES, Quioccasin MS, Godwin HS

• Regency Woods Condos (Gaskins & Quioccasin)

  • 1–3 bedrooms

  • Priced from $160K–$260K

  • HOA varies but includes pool, trash, water, snow removal, electric, etc.

  • Same school zone as above

• Tuckahoe Village West Townhomes (Lauderdale Dr)

  • 2–3 bedrooms

  • Sizes from 1360–2740 SF

  • Priced between $233K–$300K

  • HOA: ~$150/month (includes exterior and yard maintenance, trash)

  • Schools: Carver ES, Pocahontas MS, Godwin HS

• Sussex Wood Townhomes

  • 1240–1328 SF

  • Priced from $274K–$332K

  • HOA: $185–$260/month depending on unitIncludes yard, trash, snow removal & pool

  • Schools: Carver ES, Quioccasin MS, Godwin HS

• Townes of Quail Woods

  • 1360–2720 SF

  • Prices (2024) from $235K–$290K

  • HOA: $215/month (includes yard & exterior maintenance, snow, trash)

  • Schools: Carver ES, Pocahontas MS, Godwin HS

• Raintree Communities (Stony Run, Ivystone Village, Fox Fire)

  • Mostly 3-bed, 2-bath homes

  • Prices in 2025: $285K–$325K

  • HOA: $230–$292/month (includes yard, exterior maintenance, snow & trash)

  • Schools: Pemberton ES, Quioccasin MS, Godwin HS

Bonus: Possible Down Payment Help!

Did you know there are grants and programs available to help with down payments and closing costs?

Even better—if you work for Henrico County, you may qualify for special assistance toward buying a home right here in the county!

Let’s Make It Happen

I know it’s easy to feel overwhelmed when you’re renting and wondering if homeownership is even possible. But sometimes, just a little shift in perspective—and a good plan—can make a big difference.

This may not be your forever home, but it can be your first step toward building wealth, freedom, and a space to call your own.

As a Realtor with over 29 years of experience helping first-time buyers in the Richmond area, I’d love to help you explore your options. Even if you just have questions and aren’t sure where to start, let’s chat. I’m here to help!

📲 Ready to stop renting and start building? Contact me today! And don't forget to check back from time to time as I will also be looking at other areas of Henrico, Hanover, Chesterfield Counties as well as the City of Richmond!