In the beginning… everyone starts out as a renter. Eventually, some will turn into “first-time” buyers. Some will continue on to become “move-up” buyers, then “investors” and then ultimately “empty nesters” and so on and so forth.
It’s a reasonable question to always ask yourself, “Is it cheaper and better to rent or should I consider buying and owning a home?” Using this excel spreadsheet will help you determine at the baseline what you’re currently spending in rent.
Now if you were to consider the return on your investment (ROI) if there were interest or equity involved, this chart will help you determine the gain/loss of renting vs owning.
Lastly, you actually need an interactive calculator to enter in your own personal information to help you determine if renting or owning is right for you?
You need to consider things like the home price, how long you plan to stay there, what are the mortgage details, taxes, closing costs, maintenance fees etc.
Try this New York Times calculator and see if owning or renting is best for you?