To rent or buy a home? Let's weight the options.
So many factors go into this question (location, length of time, upfront costs, current interest rates, maintenance costs, demand of inventory, inflation, etc) that you can see how the answer can vary greatly for different people in different situations in different parts of the world. In our part of the world, particularly here in Portland, we’ve seen demand of inventory rise considerably, and therefore the availability of rentals has decreased, and the rent prices have increased. Supply and demand.
So with rents being so high, some may be surprised to find that mortgage payments could be cheaper than paying rent. But before you make a decision on those numbers alone, it is important to consider how long you plan to live in the home, how much you may have to spend in home maintenance, and how secure you feel about your income.
Should you rent or should you buy? There’s a lot of resources and articles that ponder and address this question. The Portland Press Herald even did a special project on Portland neighborhoods and current housing situation from the perspectives of home seekers, tenants, landlords, city officials, etc. We’ve rounded up a short list of links to check out below.
Rent or Buy Calculator - Gets into the nitty gritty of the cost comparison