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This is one of the most overlooked cost for first-time home buyers, all the cost in condo fees and taxes are not going to contribute a cent to your equity either.

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Though the taxes are tax deductible, unlike rent. I moved out of a 2br apartment to a large 4br home where my mortgage and taxes are slightly higher than my rent was, but after tax deductions, I'll end up paying less. Being self-employed, I need all the deductions I can get, anyway.

Also, utilities. I only pay for electricity at my apartment, and thanks to some 12" stone walls it's quite low. I talk to people my age who have bought homes and their utility bills can be as much as 40% of my rent.

Maybe it's different in your area, but most areas I have experience with, no utilities are included in the rent. Plus a lot depends on how the place is heated/insulated (or cooled/insulated).

The utility situation really depends on the area, yes.

For example, my experience renting in Chicago is that water, heat and hot water were typically included in the rent. That's most certainly not the case everywhere.

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