Should you buy or rent?
It's a question we all face at some point in life: does it make more sense to buy a home or to rent? Most people believe it's wiser to buy a home and build equity rather than paying someone else's mortgage. In most cases, that would be true but there are particular times in life where it makes more sense to rent.
To help you with the decision, realtor.com provides a rent vs. buy calculator that can help you calculate the net cost of buying a home versus the cost of renting over time. Net costs compare the total amount of money you would be spending over time, minus the potential value you might receive if you someday sell the property.
If you view the interactive graph, you can see how the benefits change over time and the impact of keeping the home for a longer period. Be sure to customize the options to get more specific results.
Keep in mind this is an evaluation of the financial costs. There are other things to consider before deciding whether you should rent or buy.