Author Topic: Is there a formula that exists to determine if renting > buying?  (Read 631 times)

deek

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Is there a formula that exists to determine if renting > buying?
« on: February 29, 2024, 07:02:26 AM »
My wife and I are considering our options as far as a potential move goes, and I may be getting a new job very soon if this last interview goes well (TBD!). We aren't completely opposed to renting, but we do have a strong desire to own our own place. One thing that's running through my mind is the potential to find a bigger space (even while renting) as we will be starting a family before too long. That would allow us to continue to save for a future home, and avoid losing the cash to a down payment.

On the other hand, we could comfortably afford something in the 275,000 to 300,000 range. I'm just trying to get as much information as I can in order for us to make an educated decision. I currently have 15,000 in student loans to pay off, so that plays into it as well. She is debt-free.

Dave1442397

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Re: Is there a formula that exists to determine if renting > buying?
« Reply #1 on: February 29, 2024, 07:08:09 AM »

BiggerFishToFI

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Re: Is there a formula that exists to determine if renting > buying?
« Reply #2 on: February 29, 2024, 08:22:08 AM »
I’ve always rented for at least a year when moving to a new area. For me, I need to spend time in an area walking, biking and living to really know where I want to live long term.

If moving for a job, doubly so. You should have a good idea after 6 months to a year whether that job and area is where you want to stay


 

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