Trulia built a great rent-versus-buy tool, check it out at http://trulia.com/rent_vs_buy. All you have to do is answer a few simple questions and the system tells you whether it makes more financial sense over the next 7 years to rent a unit or to purchase. As you see from the graphic below, you simply move the slider bar on the five questions back and forth to represent your situation and the model will tell you how much you will save by either renting or buying. Trulia put a huge amount of thought and research into this tool so it’s worth a couple minutes of your time to see what you can learn!
We’re always available to answer any questions you may have about buying a home and the current market.