If you’re uncertain where to live over the next three to five years, you should probably rent; otherwise, you might buy a home. To determine if you can afford to buy, estimate monthly housing costs (mortgage payment, insurance, property taxes, and maintenance).

Compare the total to your current rent, then set aside the difference for a few months. If you can regularly cover those costs, buying may be an option. The additional money you set aside can go toward a down payment.

If renting, consider utility costs, availability of publictransportation, and walkability of the area to save on travel expenses. Apartment selection could also be influenced by access to a dishwasher, clothes, washer and dryer, pool, fitness center, parking garage, and whether pets are allowed.

Action items:

1. Locate an online rent-versus-buy calculator and a mortgage payment calculator. Describe how these tools might be used when deciding on a place to live.

2. Search online for a “home buying” article. 

(a) Prepare a visual (photo, poster) or brief video reporting one or more actions you might take as a result of the article. 

(b) Based on the article and comments from friends and relatives, prepare a summary of the information obtained that might be posted as a blog entry to help others.