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Buy a home or rent? A better way to choose

Author

Listed:
  • O. Emre Ergungor
  • Saeed Zaman

Abstract

Knowing whether buying a home is a better financial move for a family than renting requires a consideration of costs and options that people often neglect to factor in. One aspect of the calculation that is almost always overlooked is uncertainty--the fact that no matter how good one's estimates of the future are, the future can turn out differently than projected. Incorporating uncertainty into the rent-or-buy calculation gives potential homebuyers information that can improve their decisions. While incorporating uncertainty is complicated, it's made easier with the Cleveland Fed's online calculator.

Suggested Citation

  • O. Emre Ergungor & Saeed Zaman, 2011. "Buy a home or rent? A better way to choose," Economic Commentary, Federal Reserve Bank of Cleveland, issue Apr.
    • Handle: RePEc:fip:fedcec:y:2011:i:apr28:n:2011-6
    DOI: 10.26509/frbc-ec-201106
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