Buy or Rent, Which is Financially Better?
Are you trying to decide if it’s financially better to rent or buy a home? The cost of buying is significant up front, but you get some of it back when you sell. But when you rent, you only get a deposit back (if that). I found a neat tool today that helps you find how many years it takes for buying a home to equal renting one.
According to Zillow’s Rent vs Buy Calculator, if you were to buy a home in Lynchburg, VA for $143,900. It would be a better investment to buy a home, than rent, if you live in your home for at least 2 years and 4 months. If you want a more expensive home, take a look at the calculator and see how your investment changes.
photo credit: Spencer Means 52 Smith Street (1850), Harleston Village, Charleston, SC via photopin (license)