Buy or Rent, Which is Financially Better?

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)

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