Rent vs Buy Calculator

Should you rent or buy?

Use our rent vs. buy calculator to help you determine if renting or buying makes more financial sense for your current situation. Don’t forget to check out our survey results from renters and first time home buyers as well as our experts opinions on buying vs renting.

Rent

• 74% of renters in our survey would prefer owning a home if they could afford it.
• 60% of renters reported that they like renting because they don’t have to worry about maintenance.
• 55% of renters reported being satisfied or very satisfied with renting their home.

Buy

• 59% of first time homeowners mentioned that building equity in their home was one of their favorite things about buying a home.
• 58% of first time homeowners compared financing offers to get the best deal on buying their own home.
• 86% of first time homeowners reported being satisfied or very satisfied with their decision to buy their own home.

• “First ask yourself why you want to buy a home instead of continuing to rent. Then do research to determine if purchasing a home in your desired market makes sense with regard to home prices and local rents. Weigh all the costs, including taxes, insurance, and maintenance, and determine what you can afford in the way of a mortgage long before beginning your home search. It’s a major decision that requires careful consideration and preparation is key to landing your dream home!”Colin Robertson
  from thetruthaboutmortgage.com
• “Renting vs buying shouldn’t be a spreadsheet decision. One shouldn’t simply compare the current cost of renting vs cost of buying. Owning a home is as much an emotional decision as a financial one if not more. The emotional benefits of owning a home should be factored in while making the decision and not just the future appreciation of the home and tax benefits of ownership.”Shashank Shekhar
  from lendingexpertblog.com
• “Deciding to buy or rent a home is a personal decision that has a lot to do with lifestyle choices, but it also has a long-lasting effect on personal finances. In general, homeowners grow their wealth by using their monthly housing payment to buy real estate, in addition to paying for a place to live every month. As a result, homeowners’ net worth is traditionally higher than renters.”Mary Catchur
  President of Marimark Mortgage, LLC

Thinking About Purchasing A Home?

• Home Affordability Calculator
• Mortgage Payment Calculator
• Get Pre-approved for a Mortgage