Quote:
Originally Posted by jyl
Back of envelope own vs rent math in Portland:
Own: median house price $400,000, at 5% 30 year, mortgage + property tax is roughtly $2,500/month.
Rent: median rent for a 3 bdrm house is - well, just eyeballing several dozen listing, looks like a bit higher than $2,500/mo.
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How long do you plan to live there? How much equity will you build over a decade in your apartment? How long will your rents equal today's mortgage + property taxes? You can get burnt either way, but when the monthly payments are a wash, every dollar of principle you pay down and every dollar of the home's value increase is improving your personal equity.
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