The rent for any home in the neighborhood is 30% higher than the monthly mortgage payment for the first year. Rent will increase by 1.5% annually after that. You can invest any money saved by renting in an account that pays 3.2%.

With the given information, compare the cost of buying and renting the home that fits your financial needs over the amortization period chosen. Then, make a final decision whether to rent or buy the home and give your most important reason for the decision.

Answer rating: 100% (QA)

To compare the cost of buying and renting a home well need to make some assumptions and perform calculations Let 1 Home Price Lets say the home costs ... View the full answer