New York Times calculator
The New York Times recently updated their “is it better to buy or rent?” interactive calculator to include advanced settings. You should know about this calculator as a real estate professional so you are fully aware of what consumers are seeing and what tools they are using before they ever pick up the phone to call you or your office.
NYT says that determining if buying or renting is superior “depends on many factors, particularly how fast prices and rents rise and how long [a person] stays in [their] home.”
The calculator asks not only for basic mortgage and tax info but advanced settings such as rate of return on investments, condo or common fees, utilities and more. The interactive calculator then graphs at what point renting or buying is better, and surprisingly, it proves the value of homeownership in many cases which of course is good for the real estate industry.
Test it for your own home – does it seem to be accurate?
CC Licensed image courtesy of trekkyandy via Flickr.com.