The New York Times produced a calculator that aims to help you decide if you should buy your next house or rent it. Some of its feature include:

• It takes into account the opportunity cost of the lost earnings from choosing not to invest the money that you used to purchase a house.
• It systematically takes into account all taxes that you are likely to incur as a result of purchasing/renting.
• It will tell you how long you’d have to stay in the home to make buying more cost effective than renting.

To try it out for yourself click here.

Source: The New York Times