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.
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!
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