Buying vs. Renting: Which Option is Better for You?

November 21, 2014 | by Katie Claflin

Categories: Affordable Housing, First Time Buyer, Homeownership

The decision to buy a home is one of the biggest financial commitments that most households will make.  While the costs of renting a home are relatively clear, the costs of owning a home are a bit murkier.  Interest rates, property taxes, home repairs, and closing costs must all be considered when deciding if buying a home is right for you.

The New York Times has created a calculator to help families and individuals make that decision.  Factoring in all costs related to homeownership, the calculator helps determine the true cost of owning a home each month.  With this information, households can then decide if they are ready to buy a home and if homeownership makes sense when compared to the cost of renting a similar home.

Click here to access the calculator.

Additional Resources

For more information on buying vs. renting a home, check out the following resources:

Freddie Mac: Is Buying a Home Right for You?

National Association of Realtors: Are You Ready to Buy a Home?

No blog post next week.  Happy Thanksgiving!

On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.

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