• Question
  • Should I buy a home or continue to rent

    Asked by a 65 year old man from Gallatin, TN on 6/25/2012

    Should I buy a home or continue to rent.

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  • Categories: Best Places to Retire, Housing

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Good question - some considerations:

    1) Will you need to move in the near future? (if yes - then probably rent)
    2) Do you have enough money saved up for a down payment? (If not - then you're probably renting)
    3) Do you think that the US dollar will crash and become worthless in the not too distant future? (just kidding but if you are concerned about inflation then you might want to buy)

    The NY Times did a nice rent vs. buy calculator recently that helps to summarize the economic case for each: http://www.nytimes.com/interactive/business/buy-rent-calculator.html

    For some other ideas try the NewRetirement Calculator: https://www.newretirement.com/retirement-calculator/default.aspx

    Hope this is helpful

  • Login to rate this answer:   Answered on 6/27/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.