26 Jul Rent-or-buy calculator says renting will ALWAYS be cheaper than buying. What to do?
My wife, daughter and myself would like to eventually buy a house, especially since space in our 2b, 1 ba rental is getting tight. However, we live in the NYC area suburbs where we have a sweetheart deal that we are grandfathered into (around $1250 for the lower level of a house, down the street from bus into NYC, good neighborhood, etc.)
We like it here but would like our own spot. However, since we have a great deal and prices are very expensive, all of the rent-or-buy calculators say that renting will ALWAYS be cheaper than buying (and by a fair amount I might add).
What should we do? It feels like we are trapped here since it doesn’t make financial sense to buy. Do we just suck it up and consider ourselves lucky and save the remaining monthly income for travel, retirement, 529, etc? Or get the house and be more financially constrained?