Sorry, my last post sounds just like marriage counselling!
Rather than using links and data from elsewhere, why don’t you just do what my husband and I have been doing for the last 6 years – compare the cost of owning against the cost of renting? its become something of a family pasttime every time the housing market shifts…paper and caluculators fly…and using our own data just makes it all more real.
Pick a house you like the look of online and figure out how much you’ll need to buy it. Once you have a monthly sum, then compare it to the monthly rental on a similar place.
Unless you’re planning on renting a mansion, then I’ll put money on the rental being less costly in the short-term than buying, even figuring in annual rent increases for a year or two.
We certanly don’t want to rent forever, but until the buy/rent ratio comes down to more sensible levels, I’m happy to rent.
