Based on the following data, would you recommend buying or renting?

Rental Costs

Annual rent $ $7,480$

Insurance $ $155$

Security deposit $ $700$

Buying Costs

Annual mortgage payments $ $10,000($$$9,625$ is interest$)$

Property taxes $ $1,820$

Down payment and closing costs $ $4,700$

Growth in equity $ $375$

Insurance and maintenance $ $1,150$

Estimated annual appreciation $ $1,800$

Assume an after$-$tax savings interest rate of $8$ percent and a tax rate of $30$ percent. Assume this individual has other tax deductions that exceed the standard deduction amount.