So many factors go into the decision of renting versus buying a home. One of the most important ones: how much time you’re going to spend in a place. This interactive map from Smart Asset shows you where the best places to buy or rent, depending on when you plan on moving to a different place.
The company compared the average costs of renting or buying a home in each county. It assumes: A $100,000 household income per year, 4.5% mortgage rate, $2,000 in closing costs, and 20% down payment. (Home maintenance and other expenses that are higher for homeowners aren’t included, however.) The tool uses the break-even point for buying (when the cost of renting is higher than the total cost of buying). Counties with the lowest break-even point are the best places to buy.
This might be useful if, say, you know you’re going to be in an area only for a certain period of time—through grad school, for example, or relocating temporarily for a job. It’s also interesting to see that at 9.5 years, buying is better across the country, but renting is better on the West coast up until then.
Check out the map and calculator at the link below.
Rent vs. Buy | Smart Asset
via Lifehacker
The Best Places to Buy a Home, Based on How Long You’ll Live There