It is sometimes difficult to know in a changing real estate market whether buying a home or renting one is better financially.  Many people have found that using a calculator designed to answer that question helpful.

Realtor.com, as one would expect, has a calculator.  It is a relatively simple and easy-to-use calculator based on your zip code.  To access that calculator, go here:  https://www.realtor.com/mortgage/tools/rent-or-buy-calculator/

Calculator.Net is run by a group tech enthusiast who love creating awesome stuff on the internet. On the website you can find a whole bunch of free online calculators to make your life easier, including one for renting versus buying a home.  To see the calculator in action go here: https://www.calculator.net/rent-vs-buy-calculator.html

Nerdwallet.com, which many people are already familiar with has a calculator you can use at:  https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator.  As noted on the Nerd Wallet website the question about buying versus renting is one that does not have a static answer.  It is a question where the answer will change based on a number of factors, tangible and intangible, including:

  1. Location
  2. Stability
  3. Financial Predictability
  4. Freedom to Renovate
  5. Pride of ownership
  6. Growing Home Equity
  7. Flexibility
  8. Costs of a home purchase
  9. Costs of owning

 

NYTimes.com, the New York Times has published an interesting calculator that considers many of the factors listed above.  It also takes into account such items as Brokers’ fees.  https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html