Affordability calculator

There’s no one “right” answer, renting and buying can both be smart, depending on your timeline, finances, and lifestyle. Here’s a simple breakdown:

Renting: the benefits

• Lower upfront cost: Usually first month + deposit (and maybe application fees), instead of a down payment and closing costs.

• Flexibility: Easier to move for a new job, school, family needs, or just a change of scenery.

• Fewer surprise expenses: Repairs and many maintenance items are typically the landlord’s responsibility.

• Predictable short-term budgeting: Rent can feel simpler month-to-month (though it can increase at renewal).

Renting: the tradeoffs

• No equity: Monthly payments don’t build ownership in a home.

• Rent increases: Your payment can rise over time.

• Less control: Restrictions on pets, remodeling, paint, landscaping, and sometimes even guests or parking.

• Limited long-term stability: Lease terms can change, and you may need to move when the owner decides.

Buying: the benefits

• Build equity over time: Part of your payment can go toward owning more of the home.

• More stability: Fixed-rate loans can keep principal & interest steady, and you can choose to stay long-term.

• Freedom to personalize: Paint, renovate, landscape, and truly make it yours (within HOA/city guidelines).

• Potential long-term wealth building: Homes may appreciate over time, and equity can support future goals.

Buying: the tradeoffs

• Higher upfront costs: Down payment, closing costs, inspections, and moving/setup expenses.

• More monthly “extras”: Property taxes, homeowners insurance, HOA (if applicable), and possibly PMI/MIP.

• Maintenance is on you: Roofs, plumbing, appliances, and general upkeep are part of homeownership.

• Less flexibility: Selling takes time and costs money, so buying usually works best with a longer horizon.

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