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Buying V.S. Renting

September 4, 2012

Buying or renting that is a question many people will end up asking themselves.  There are advantages and drawbacks to both.  There are some ways to help evaluate this question.  Whether or not renting is better than purchasing a home depends on many factors, for instance how fast home prices and rents increase in the area and how long one plans on staying in one place.  According to the New York Times, buying  is better if someone plans on living in one place for  more than 5 years.  Annual home prices increase at about 2% a year while renting increases 3% a year.  The New York Times states that if a buys and person staying in their home for 6 years it will cost on average $10,460 less than renting.  This equates to savings an annual of $1,743.

Whether you decide to rent or to buy it is important to know your options and how they will best benefit  you and your needs.

 

Follow the link to the New York Times article  to compare the costs of buying and renting a home using  the rent/mortgage calculator.

http://www.nytimes.com/interactive/business/buy-rent-calculator.html

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