Renting Versus Buying

Home ownership has always been considered a central theme to the “American Dream”. With interest rates on the rise now is the time to determine whether it is more beneficial to rent a home then buy. The answer to this question is that it depends. Factors such as; how quickly home prices are rising, the interest rate for the loan and how long you plan to stay in the home effect the financial outcome of this question significantly. Taking into consideration all these factors and how they impact your individual financial situation is the only way to weigh the benefits equitably. The below link from the New York Times website; http://www.nytimes.com/interactive/business/buy-rent-calculator.html provides you with an interactive tool in determining whether or not renting versus home ownership is right for you.

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