With property values diminishing rapidly, many people wonder if now is the right time to buy a house. Luckily, the NY Times has put together an excellent little calculator which can help make the decision for you.
A few notes about usage:
- It doesn’t seem to account for utilities when renting, so make sure to include them as part of your monthly rent.
- There is an advanced settings tab where you can specify your marginal tax rate, renters insurance, etc.
- Many renters improve upon their property by painting, installing cabinets, new appliances, etc. Make sure to include these costs as well.
Have fun playing with the calculator!