The age-old debate continues. Lets break down the factors that should influence your decision.
When Buying Makes Sense
- You plan to stay 5+ years
- You want to build equity
- You have stable income
- You have savings for down payment and reserves
When Renting Makes Sense
- You value flexibility
- Youre new to an area
- Home prices are extremely high relative to rent
- You dont want maintenance responsibilities
The Financial Comparison
Use the 5% rule: multiply the home value by 5% and divide by 12. If rent is less than that number, renting might be the better financial choice.
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