Is it better to Buy or Rent? Whether renting is better than buying depends on many factors. In the current “buyer’s market” it’s almost always a better financial decision to buy. Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits — which you can’t take advantage of when paying rent. Because of tax deductions, you can make a mortgage payment — including taxes and insurance — that is approximately one-third larger than your current rent payment and end up with the same amount of income.

This calculator can help you crunch some numbers to decide if owning your own home is the better option. Some neighborhoods and condominiums you purchase have home owner association dues (HOA), and you’ll want to add that into the “monthly maintenance” portion of the calculator.

Remember, as your real estate agent, I can put you in touch with lenders in our area who have experience with the different types of properties available in Auburn and have developed special packages tailored to the Auburn real estate market. Despite what you may have heard, our lenders are making home loans every day and it may be easier to buy than you think.