This is a question most of us will likely face in our lives, whether buying a house makes more financial sense than renting a home. There is a way to understand the financial impact of buying vs. renting.
Nanda Realty Group's Rent vs. Buy calculator will help you calculate the total cost of buying a home versus the cost of renting over time.
For buying, the total costs compare the total amount of money you would be spending over time, minus the potential value you might receive if you someday sell the property.
From this Rent vs Buy tool, you'll see that the amount of time you plan on keeping the home has a major impact on the real estate equity that you build..
But keep in mind that a financial comparison is just one of many factors when deciding whether to rent or buy.