We have all been told that it is wiser to buy a home than rent one, but this adage may have never been more true than it is now. According to a recent report from Trulia, national rent prices are climbing faster than asking prices and rents are still rising in areas where sales prices are declining.
The info-graphic below illustrates that the two key factors in determining whether to purchase or rent a house are how fast prices will rise and how long an individual plans to live in a home. In order to customize these factors along with specifics such as interest rates, down payment amounts, and other variables, the New York Times offers a great interactive Home Buying v. Renting Calculator that can be tailored to assess any particular situation. MSN Money also offers a more basic Buy v. Rent Calculator that is also free and very easy to use.