The "5-Year Rule" for Buying

Generally, if you plan to stay in a home for less than 5 years, renting is often cheaper. This is because the upfront costs of buying (closing costs, down payment) take time to recover through equity growth.

Buying Costs You Might Forget

• Maintenance: You should budget 1% of your home's value every year for repairs.
• Closing Costs: Typically 2-5% of the loan amount.
• Property Taxes: These can rise over time, unlike a fixed mortgage payment.