…that is the question!
The New York Times just put out this neat tool that compares the costs of renting and purchasing equivalent homes. We think it’s a worthy addition to/repost of our February post covering the same topic:
With the current mortgage and housing mess in the United States, many people are finding that renting is a great option right now.
The New York Times did an analysis of buying versus renting in many major metropolitan areas. The analysis includes data on housing costs and looks at different possibilities for the path of home prices in coming years. It found that even though rents have recently jumped, the costs that come with buying a home — mortgage payments, property taxes, fees to real estate agents and housing associations — remain a lot higher than the costs of renting.
The Boston Globe recently reminded that “Buying isn’t always the smartest option,” that “in today’s world of foreclosures and falling property values, the argument for home ownership is far less compelling.” MSNBC.com’s article, “Housing Mess Makes Buy -Vs- Rent Choice Harder,” published just last week, surmised that people would be better off renting for at least the next few years.
Move.com suggests that people debating this decision should certainly evaluate their credit history, lifestyle, and how long they plan on living in a given area.
Not sure what’s right for you? Work your numbers into their handy-dandy Rent vs. Buy Calculator and make a smart decision.
This article brought to you by the good folks at Urbane Apartments Royal Oak Michigan, Urbane Apartments Ferndale Michigan,Urbane Apartments Birmingham Michigan, and Urbane Apartments Dearborn Michigan