So bust out a calculator as opposed to going with a rent vs. buy rule of thumb if you want a truly accurate picture.
I rent or borrow tools all the time. I have no need to keep things I’ll only use once and then put away. I don’t even own a shovel or a ladder.
Sources: Mark Zandi, Chief Economist, Moody's Analytics; Federal Reserve Economic Data, Federal Reserve Bank of St. Louis; Jonathan J. Miller, Miller Samuel Inc.
While owning a home may be beneficial for citizens over a long period, for many people renting is the better option. There are plenty of examples that show how renting can save consumers a considerable amount of money. The choice of whether to rent or buy your own home is a personal one. Before making a hasty move, review the details and make the financial decision that is right for you and your family.
They are also not faced with mortgage problems and potential foreclosures. In most cases the motivation to sell their unit has little to do with 'needing the money', they can more afford to 'wait it out' .