Is It Better To Rent Or Buy?

Rent vs Buy . . . it can be a tough decision and making the right decision depends on your circumstances and lifestyle.  Since for most, buying requires qualifying for a mortgage and a down payment, buying may not always be an option.  But for those who can qualify for a mortgage and have available funds for a down payment, then it may come down to looking at the math.

Of course, how long you are going to be living in the area is a big factor.  Selling after only a short time of owning your home will most likely result in a loss.

Here are a few resources to help you understand the financial pros and cons of renting vs buying:

Use our home financial calculators to give you a good idea of the numbers.  Just click on the "should I rent or buy?" link, complete the information to the best of your knowledge, and the resulting financial information will give you some good insight into the short term logic.

The National Association of REALTORS® has a comprehensive Field Guide to Buying vs Renting.  In the field guide there is an easy-to-understand chart that shows a cost comparison for a renter and a homeowner over a 7 year period.  There are also lots of links to statistics and studies on the buy vs. rent decision.

Let us know if we can help answer any of your questions, or if you need help finding a place to rent or a home to buy.  We're here to help!