Last week, The New York Times published the ultimate “”buy vs. rent calculator”” on their website. The Old Gray Lady outdid herself- it is far and away the best calculator that I’ve seen for this seemingly age-old conundrum. Not only does it factor in the basics (price, down payment, mortgage rate, etc.), but it charts the value of the purchase vs. the rental over time, factoring in potential fluctuations in both the rental and sales markets.
I was about five minutes from hitting “”publish”” on this post, when the following headline came across my inbox: “”The Five Best Cities To Quit Renting And Buy””. Published in MSN Real Estate, the article is based on piece from Forbes.com (which incidentally, seems to consist entirely of “”top five”” and “”top ten”” lists.).
If you know anyone who’s wrestling with the “”buy vs. rent”” question, pass on this post. While it won’t help quell the wanderlust or replace the Magic 8-Ball, it will break things down into dollars and (common) cents.