· After nearly twenty years of homeownership, I’ve spent the past ten months renting an apartment. I like it. And I don’t. There are pros and cons to renting a place, just as there are pros and cons to owning a home. For me, one of the biggest cons is the close proximity to my neighbors.
This tool helps you determine whether buying a home is a better deal than renting. The decision depends on many factors, including the time you expect to stay.
A lot of calculators out there are designed to help you figure out the monthly costs of buying a home. But we’re also concerned with your financial wellbeing down the road. Here’s a breakdown of how buying or renting could affect your overall wealth.
· Thinking of buying a starter home but not sure if it’s the right decision for you? Something real estate experts call the Five Year Rule can be a useful guide.
TL;DR: Here is a spreadsheet based rent-vs-buy calculator I put together in Google Drive (or, download for Excel). You can save your own local copy to play with your own numbers. The long post below helps explain some of the calculations and what to consider when entering values. Thanks go out to.