Should You Rent or Buy?

Our calculator compares the total costs of renting versus buying over your specified time period. For renting, we include monthly rent payments with annual increases. For buying, we calculate mortgage payments, property taxes, insurance, HOA fees, maintenance costs, and factor in equity building.

The calculator assumes a fixed-rate mortgage, consistent property tax rates, and steady maintenance costs. We also assume that rental increases happen annually at your specified rate. The calculator does not account for potential tax benefits from mortgage interest deductions, which can vary based on individual tax situations.

Owning costs include your mortgage payment (principal and interest), property taxes, homeowner's insurance, HOA fees (if applicable), and estimated maintenance costs. We also factor in closing costs at purchase and potential selling costs if you plan to move after your specified time period.

Yes, our calculator includes an estimated property appreciation rate based on historical data for your selected location. However, real estate markets can be unpredictable, so we recommend adjusting this value based on your local market conditions and future outlook.