Buying or Renting in El Paso
Generally, it is best to buy a home rather than rent. Why? Because when you calculate the amount you pay for rent you must consider the opportunity cost of what you are giving up when you rent. In the study of economics opportunity cost is the cost related to the next-best choice available. Therefore you must calculate the equity you would be earning if you chose to buy a home. Read more about opportunity cost here.
There are several rent vs. buy home calculator to approximate these costs including NY Times , Yahoo or Smart Money. For local El Paso housing information contact Russell-Realtor.
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