More On Renting vs. Buying

Again pay attention to the price to rent ratios which is your city’s median home price divided by the median annual rent.  I can’t find this in the online article but in the print magazine has some information about buyers and thinking long term.  It states to not overestimate the value of tax breaks that come with home ownership.  Many forget about the standard deduction you get whether you own a home or not. 

The NAR suggests you plan on owning a home for ten years to not only recover your costs, but also to realize a meaningful profit.  Remember though, owning a home is a lifestyle. 

http://www.kiplinger.com/columns/starting/archive/2005/st0714.htm