Am I better off renting?
The last bubble discussion got me thinking - is it really so bad to rent? Well, here is a cold and calculated answer: The Motley Fool has a great calculator to determine whether you are better off renting or owning (financials only, you supply the emotional). Even the bubble hand-wringers amongst us might find some buy-friendly scenarios. Unfortunately, if owning is better for you, the calculator does not help you save up a downpayment.
They also have a how much house you can afford calculator, although it seems to have low-balled my estimate.
-Galen
Posted: May 1st, 2006 under General Real Estate.
Tags: Bubble, buying, calculator, Rental
About the Author: Galen Ward
- Author's website: http://www.estately.com/
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Comments
2.
Comment
from Jessie B
Time May 2, 2006 at 2:55 pm
Hello Galen,
I’m not sure that how they can qualify you for your maximum home you can afford when they don’t ask how much you make… here is a more accurate estimate: http://www.forsalebyownercenter.com/tools/mortgageprequalificationcalculator.aspx
1. Comment from Deborah
Time May 1, 2006 at 2:20 pm
Galen, great tool for anyone trying to determine the cost or savings of renting vs buying. I had some fun playing around with (conservative) numbers…thanks for sharing!