A while ago, the New York Times offered an interactive graphic,
which allows you to enter all the variables you need to determine whether you come out ahead buying vs renting. You are able to enter the price for the house, rent of a similar house, down payment, interest rate on your mortgage, along with the assumed increase in home value or monthly rent. Note: you may click on the image above to be taken to the Times’ web site.
Joe
Hi, I can do it in much less time than the spreadsheet. There is only one question:
Do you intend to live for at least the next ten years? (Doh!)
If yes then BUY
If no then rent.
If you rent a house you’ll pay good money month after month only to end up at the exact same place as you started!