My Mint.com personal finance site has also recommend this Rent vs. Buy calculator from the New York Times.
I used it and I LOVE IT, LOVE IT, LOVE IT!
But I have to be careful not to share it with my friends who just bought a house, because they get a little green around the gills when they realize how much they are really spending on housing.
You just go here...Rent vs. Buy Calculator. and enter your rent versus the cost of what it would take to buy a comparable place.
I sold my home last year, and am renting. It took a major psychological shift to get there! (Me? A Mom? A Citizen? A board member...A...a...a...renter???!!)
But I love my apartment and am saving $2,000 a year by renting. In fact, at my rental rate, I can't buy a condo or another house at $170,000 per year (which is comparable to the quality of my condo) and come out ahead, even after 30 years. Even with a 50% down payment. That's $85,000 folks!
One day I'll buy again, just because I believe in owning a place. But I know that I'll be paying a premium to do it.
In the meantime, I'm just a smug renter who doesn't have to worry about finding a new roofer, painter, or lawn boy.
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