Looking for a website calculator comparing renting vs. owning a home

[DomS]

basically you would punch in what you were paying for rent, then what you would potentially be paying for a house, the interest rate, and the money down. Then it would tell you how many years down the road (if at all) that owning the home would actually have you breaking even vs. renting. I can't find it for the life of me.

 

[amdskip]

This?

http://www.nytimes.com/2007/04...7_BUYRENT_GRAPHIC.html

 

[JohnCU]

wow apparently i should never buy a house

 

[LikeLinus]

Originally posted by: JohnCU
wow apparently i should never buy a house

Mine is quite the opposite. Even leaving the appreciation at 0%, it says buying is better after 5 years. My house has appreciated around 15% since 2005. It says we're better to buy than rent after 1 year at the current appreciation. Our area is building up fast though!

 

[JohnCU]

Originally posted by: LikeLinus

Originally posted by: JohnCU
wow apparently i should never buy a house

Mine is quite the opposite. Even leaving the appreciation at 0%, it says buying is better after 5 years. My house has appreciated around 15% since 2005. It says we're better to buy than rent after 1 year at the current appreciation. Our area is building up fast though!

what rent were you putting in? i put in $850 for rent and a $200,000 house at the default appreciation rate

 

[spidey07]

Originally posted by: JohnCU

Originally posted by: LikeLinus

Originally posted by: JohnCU
wow apparently i should never buy a house

Mine is quite the opposite. Even leaving the appreciation at 0%, it says buying is better after 5 years. My house has appreciated around 15% since 2005. It says we're better to buy than rent after 1 year at the current appreciation. Our area is building up fast though!

what rent were you putting in? i put in $850 for rent and a $200,000 house at the default appreciation rate

You have to compare apples to apples. So a 2000 sqft home would have to equal a 2000 sqft apartment rent wise.

 

[LikeLinus]

Originally posted by: JohnCU

Originally posted by: LikeLinus

Originally posted by: JohnCU
wow apparently i should never buy a house

Mine is quite the opposite. Even leaving the appreciation at 0%, it says buying is better after 5 years. My house has appreciated around 15% since 2005. It says we're better to buy than rent after 1 year at the current appreciation. Our area is building up fast though!

what rent were you putting in? i put in $850 for rent and a $200,000 house at the default appreciation rate

I sort of guestimated on Rent. I put in $1,200. I have two kids and we'd need a 3 bedroom place. I haven't rented since 1996 - so I have no clue what rental places cost now!

 

[Savarak]

Originally posted by: LikeLinus

Originally posted by: JohnCU

Originally posted by: LikeLinus

Originally posted by: JohnCU
wow apparently i should never buy a house

Mine is quite the opposite. Even leaving the appreciation at 0%, it says buying is better after 5 years. My house has appreciated around 15% since 2005. It says we're better to buy than rent after 1 year at the current appreciation. Our area is building up fast though!

what rent were you putting in? i put in $850 for rent and a $200,000 house at the default appreciation rate

I sort of guestimated on Rent. I put in $1,200. I have two kids and we'd need a 3 bedroom place. I haven't rented since 1996 - so I have no clue what rental places cost now!

bunk bed'em! save on a room

 

[LikeLinus]

Originally posted by: Savarak

Originally posted by: LikeLinus

Originally posted by: JohnCU

Originally posted by: LikeLinus

Originally posted by: JohnCU
wow apparently i should never buy a house

Mine is quite the opposite. Even leaving the appreciation at 0%, it says buying is better after 5 years. My house has appreciated around 15% since 2005. It says we're better to buy than rent after 1 year at the current appreciation. Our area is building up fast though!

what rent were you putting in? i put in $850 for rent and a $200,000 house at the default appreciation rate

I sort of guestimated on Rent. I put in $1,200. I have two kids and we'd need a 3 bedroom place. I haven't rented since 1996 - so I have no clue what rental places cost now!

bunk bed'em! save on a room

I'd rather give them a yard and a room to themselves 🙂 Not to mention my own office, two car garage, dinning room, laundry room and so on!

 

[Eos]

That said we should not have bought either. Fuck that. We have never had so much extra money. Ever. 40% increase in housing payment vs. rent, more money spent on utilities, less on fuel = way ahead.

I think we'll stay here, thank you.

 

[BackFlow]

It indicated that I shouldn't buy as well, and the average home price for my area is way out of reach for most buyers @ $597,000.

 

[JTsyo]

Does it take property tax into account? In this area it can be as much as rent is for a year for a 4 bedroom house. Though it's nothing compared to Long Island.

 

[Vette73]

Originally posted by: JTsyo
Does it take property tax into account? In this area it can be as much as rent is for a year for a 4 bedroom house. Though it's nothing compared to Long Island.

It does add Prop tex. But I don;t see if it takes into account you get the tax write off from the mortage and prop tex.

That and there are no apartments that have over 1/5 a acre lot and there own shop/garage in the back. So most are not comparing two items that are alike, they are comparing a cheap/small apartment with a full house.

 

[Injury]

Originally posted by: Marlin1975

Originally posted by: JTsyo
Does it take property tax into account? In this area it can be as much as rent is for a year for a 4 bedroom house. Though it's nothing compared to Long Island.

It does add Prop tex. But I don;t see if it takes into account you get the tax write off from the mortage and prop tex.

That and there are no apartments that have over 1/5 a acre lot and there own shop/garage in the back. So most are not comparing two items that are alike, they are comparing a cheap/small apartment with a full house.

Good point.

This calculator seems to account for a lot of things, but I can't tell if it's merely considering a month-to-month basis in what it will cost or if it factors in that important idea that people always seem to forget in the rent vs. own debate: Equity.

 

[DomS]

Originally posted by: amdskip
This?

http://www.nytimes.com/2007/04...7_BUYRENT_GRAPHIC.html

that's it! thanks!