In our Home Buyer classes, one of the things we discuss is the decision to Rent vs. Buy. There are lots of things that go into that decision, and not all the issues are financial.
But, there is a financial aspect and one thing to look at is if renting is a better deal financially for you than buying.
There are a lot of calculators and spreadsheets out there. Here are some of our favorites:
Rent vs buy spreadsheets and calculators
- Jeff Nance’s Rent vs Buy Calculator
Our friend Jeff, who you met in class, has a rent vs buy calculator on his website. Check it out! -
Home Purchase Model
This one comes from Khan academy and it is great for offline analysis. There is also a video that guides you through the analysis. -
NY Times Interactive Calculator
This interactive calculator from NYT is hard to beat (and its fun). -
BankRate.com Calcuator
Our friends at BankRate.com will also guide you through the analysis.
Do you have a favorite? Let us know about it!
Other considerations
Don’t forget about all the other considerations in the decision. Check out this handy flowchart (I love flowcharts, by the way!) from the folks at Business Insider:
