Mom Hack of the Day
NY Times Rent v. Buy Calculator
(Small Version)
Is It Better to Buy or Rent?
How do you decide?- The New York Times Buy v. Rent Calculator is the best tool to help you decide. (Click on the 'Advanced' settings tab to get even more detailed answer)
- Folks have always said that renting is like throwing money away, but this isn't always a fair comparison when you factor in the total costs of home ownership
- A simple way to compare the costs of renting v. owning is to find two similar houses, one for sale the other for rent, and divide the sale price by the annual rent = "Rent Ratio."
- From the 70's - '90s the average Rent Ratio was 10-14. It hit 22 in 2007. At the peak, many cities hit 30-40.
- A Rent Ratio > 20 means the total monthly costs of ownership (mortage, taxes, repairs, including mortgage deduction etc.) well exceed the cost of renting
- Check NY Times or Trulia.com for an Index of Top 50 Cities for Renting v. Buying
New York Times Rent v. Buy Calculator (Large Version)
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