New York Times Rent vs Buy Calculator

Here is a useful link to find out whether you are better off buying or renting a home in your personal circumstance. Of course there are many reasons why people like to buy a house outright. After all, home ownership is the "American Dream." And maybe in your home search here in Westchester you have found your ideal house. But sometimes circumstances conspire against you and the time doesn't seem right to plunge into homeownership. Bottom line though, your decision should make financial sense because you cannot build equity in a rental, you are subject to the homeowner's rules, and you cannot take a tax deduction on mortgage interest or taxes. This calculator will tell you, based on market appreciation, tax rate, and mortgage rate, whether the time is right to buy or you should wait and rent a house.  The calculator will also tell you the anticipated savings for each year.

Current mortgage rates for a conforming loan (less than $729,750) are around 4.7%. Taxes can be estimated at about 1.75% of the home price in Westchester County unless you are purchasing an older home, when you may find the taxes to be slightly less. Appreciation in Westchester County in the Along the Sound housing market is probably flat to +1% at this time.