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Is It Better to Rent or Buy?

nytimes.com

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Re: Is It Better to Rent or Buy?

#2

Post by jleyank »

I said this when such a thread came up the last time: If you can (easily) switch jobs without moving it might make sense to buy. If you can't, however, renting is the safer option as you can move if/when there is a problem with the job. Domiciles can be rather illiquid at times, which sucks when you need to move for work.

It's a separate question if it's worthwhile to buy at all, as that's dependent on geography, present and future market trends, lifestyle choices, ...

Re: Is It Better to Rent or Buy?

#4

Post by jaredmcateer »

jleyank wrote: post #2

I said this when such a thread came up the last time: If you can (easily) switch jobs without moving it might make sense to buy. If you can't, however, renting is the safer option as you can move if/when there is a problem with the job. Domiciles can be rather illiquid at times, which sucks when you need to move for work. It's a separate question if it's worthwhile to buy at all, as that's dependent on geography, pre…

Indeed, my wife and I both are pretty much equals when it comes to our careers, we both find them fulfilling and enjoyable, but they are completely different focuses. If one of us were to get a job offer that required us to move, we would have to be certain the other could get a job of equal value there as well or the job offered would have to be about twice as good as the current. So it made the decision to buy much easier and it hardens us against jumping from job to job simply because the grass may look greener.

Re: Is It Better to Rent or Buy?

#8

Post by mcarvin »

For full disclosure I am a founder of the company but many of the mistakes in math / modeling made in the NYT Tool are corrected at SmartAsset. One example is the tax consequence of ownership - which because of the standard deduction is overestimated for lower value homes (<$250,000).
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