Choosing to become a homeowner takes not only a financial commitment but also the emotional maturity to create a plan and a timeline that suits your lifestyle and your budget.
Some experts advise that if you are planning to move in the next few years, buying may not be the best option because of the expenses associated with moving. However, if you're searching for a place to live for several years, buying now could be a good choice for you. Buying a home can create a higher quality of life, provide more privacy for you and your family, and create a place to call home.
Since there are all kinds of forces at work behind the scenes (interest, property taxes, tax savings, appreciation, opportunity costs, closing costs, selling costs, etc.), comparing the cost of renting to the cost of buying is a lot more complicated than just comparing the monthly mortgage payment to the monthly rent payment.
If you are debating on whether to rent or buy your next home? This calculator attempts to forecast the net effects of all the hidden forces so you can make an informed decision.
Much like the stock market rises & falls due to changes in earnings and multiple expansion, the cost of owning vs renting changes across time & location, as real estate is local.
