As housing prices have dropped significantly over the past two years, it may be time to reassess your living situation. Since there are many different factors to consider when making a lease or buy decision, I’ll just give you an example (mine) and the formula to help you make the decision for yourself. Then you can plug in your own information and decide for yourself. The following factors are the main influence on a purchase decision for your personal residence.
- The price of a home in your area
- Mortgage interest rates in your area
- Income tax benefits of home ownership