Finance Finds of The Week: Should You Rent or Buy?
Recently while browsing personal finance, I found myself sucked into in a rabbit hole debate: Rent or Buy? It’s a question that’s been fought over in countless online debates, one with an answer that’s unique to each person’s situation. To help myself answer the “Rent or Buy” question, I dove into Google and pulled out these 4 helpful sites:
Rent or Buy? The Math Is Changing
This New York Times article gives examples of the different situations people are in, and how the traditional recommendations for buying a house no longer apply. If you’re interested in the house vs. rent calculator, hold off until you check out the next link.
An up-to-date Buy or Rent Calculator
The NYT rent vs. buy calculator is unfortunately outdated now due to the “Tax Cut and Jobs Act” that was passed recently. Thankfully, Aaron Staley was nice enough to share his own up to date version, complete with screenshots and clear instructions.
Renting is Throwing Money Away … Right?
An answer to the rent or buy question that takes a casual, snarkier tone. If you’re convinced that buying is superior to renting, see if this article changes your mind.
Five Questions You Need to Ask Yourself Before Buying a Home
This article brings up some good questions that go into deciding between renting or buying, focusing your qualitative preferences over quantitative spreadsheets. I used it as a quick litmus test to see whether I prefer renting over buying.
Conclusion:
These 4 resources should help you evaluate whether renting or buying is right for you. Personally, renting is going to be the right choice as a young college student just starting his career; stability isn’t a priority yet for me. I hope you found this helpful, and I’m looking forward to seeing you in the next post!
