Monday, November 28, 2011
The housing market remains in flux (to put it mildly), and many people who could afford to and have sufficient credit to purchase a house or condo are wondering if renting might be a better idea. Answering that question depends upon a number of variables, including the local real estate submarket and the economics of the properties under consideration. The New York Times has a tool that allows you to crunch the numbers and determine whether it is better to rent or buy a particular property. It tells me that the townhouse I'm currently renting would only be better to buy if I stay there 13 years, even if I assume a mortgage rate of 4%.