Before taking the first steps to buy a house, you’ll need to determine if it’s the right financial choice. It’s not as simple as comparing the average home price vs average rent price in your area. Income, mortgage rates, the size of the down payment, taxes, closing costs, and other costs of renting and buying are all an important part of the equation. A housing counselor can work with you one-on-one to evaluate your financial picture and if homeownership is right for you.
Here are a few of our favorite rent vs. buy calculators:
3. Freddie Mac
12. Schwab Bank