Should You Rent Or Buy?

Biography Trulia Trulia this week released a new rent vs. buy calculator that lets prospective homeowners answer the question by entering where they want to buy and fiddling around with more than a dozen variables from mortgage and tax rates to home prices and how long they plan to stay. If youre feeling nerdy you can play with economic assumptions like inflation and rent appreciation. An accompanying press release notes that many of the hottest markets like San Jose and San Francisco are inching up on the tipping point toward renting. In San Jose, for instance, buying is only about 4% cheaper than renting and mortgage rates would only need to rise to 5.2% to tip that balance toward renting. On the opposite end of the spectrum, buying is 65% cheaper than renting in Detroit.
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