Monday, August 25, 2008

Rent vs Buy

Here is a link to a great calculator that determines which is better to do, rent vs. buy. The website allows you to input various values for home price, etc. and shows you how long you have to stay to "breakeven" should you decide to buy.

If nothing else, this shows you graphically another reason why home price appreciation is so important given the uncertainty of how long you live somewhere. Some people never leave the area they grew up in, so if you are one of them, don't worry, plunk down your money and buy. It won't matter, the chart says it all.

Link to "Rent vs. Buy" Calculator