Should you rent or buy? It really all depends on if you like paying for someone else's mortgage and equity. Even in this "down market," equity is still building. Plus, the tax write-offs help keep money in your pocket. We found The New York Times Buy Rent Calculator that helps break it down in numbers. We also created this inforgraphic to show you why a first home mortgage has more benefits than renting an apartment or house.
Click the picture for a larger version.
Other Rent vs. Buy factors to consider:
Rent increases every year for most renters. Mortgage payments only change (on a fixed-rate home mortgage loan) if your property taxes change. Your principal and interest stays the same.
Neighbors. Renting an apartment likely means you're dealing with neighbors. They could be noisy, rude, annoying or even dangerous. It's a renters nightmare. Buying a home means having at least a little property between you and your neighbors.
Deposits. Sometimes it's damage you left behind, other times it's a landlord simply keeping your money. But that security deposit you paid may not come back to your account. Sometime the costs of renting start small and add up to a lot of money.
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