Am I better off renting?
Galen on 05 1, 2006
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
About the Author: Galen Ward
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2 Responses to “Am I better off renting?”
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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!
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