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The 3 Factors in Renting vs Buying a Home

Posted By: Liza Valero In: Buyers Information
Date: Fri, May 30th 2014 11:27 am

Buying or renting a home.

Happy couple looking at real estate onlineWith rental homes almost impossible to find and mortgage rates low, how do you make an informed financial decision about which option is best for you?

There are 3 main factors that you need to consider:

  • Financial - Which option makes the most sense
  • Emotional - Which option will provide you with the best quality of life
  • Timing - Which option works best for the amount of time you are currently planning to stay in a home

To begin considering the financial repercussions of renting a home vs buying one, there is a fantastic new tool that I just found. Everyone should bookmark this page, you will want to return to it over and over again. It is the Rent vs Buy Interactive Calculator published by the New York Times. You can manipulate all the variables to see how the act against one another. It is the best tool I have seen. Below are two screen shot examples using a home sale price of $250,000:

Example of sliding chart of renting vs buyingResults of the graph at a two hundred and fifty thousand dollar home READ MORE & GO TO CALCULATOR