Buying vs renting , we all ask yourselves, “what makes the most sense”? If only there was a tool to help me decide.
As with most big decisions, it depends.
In general 5-6 years seems to be the dividing line. If you plan on staying more that 6 years, buying usually makes the most sense. Under 4 years then renting usually makes more sense. Use this tool to determine whats best for you.
I plugged in a $350,000 purchase price and staying 5 years. The interest rate I used was 3.5% . 20% down and 30 year mortgage. The tools says if I can rent a similar home for less than $1,423 per month, then renting is better.
Plan around with it, I think it has value in giving you additional information for your decision.