That is the age-old question. Does it make more financial sense to buy a home or rent one? Does it make more financial sense to buy a condo or rent an apartment? People across the country are faced with making this decision every day. It can be difficult to truly arrive at an apples-to-apples comparison between both scenarios though due to the complexities of buying and owning a home. It is not as straightforward as when you compare buying versus leasing a car. To help answer this question, the The New York Times recently came out with one of the best online calculators we have seen. It takes into account the most important costs associated with buying a house and computes the equivalent monthly rent. Take a crack at it to see what makes sense for you.
The New York Times also wrote a pretty good piece that accompanies this online calculator, as it begins to question and discuss whether or not we are already in another real estate bubble. You can check out the article here: