In Jan $2019,$ Missy Grant moved to Uptown Dallas for a new job in a commercial real estate investment firm. There, she rented a spacious, two$-$bedroom condominium for $$2,000$ per month, which included parking but not utilities or cable television. In July $2019,$ the virtually identical unit next door became available for sale with an asking price of $$620,000,$ and Grant believed she could purchase it for $$600,000.$ The home price is expected to increase to $$700000$ in $5$ years and the brokerage commission is expected to be $3\%.$ The mortgage terms are $30-$year monthly $8\mathrm{.}25\%$ interest rate.

She intends to stay in the DFW metroplex for $5$ years. She realized she was facing the classic buy$-$versus$-$rent decision.

If Grant purchased the new condominium, she would pay monthly condo fees of $$1,055$ per month, plus property taxes of $$300$ per month on the unit. Unlike when renting, she would also be responsible for repairs and general maintenance, which she estimated would average $$600$ per year. If she decided to purchase the new unit, Grant intended to provide a cash down payment of $20$ percent of the purchase price.

Assuming there is no initial rental deposit to be paid if she rents and her discount rate is $3\mathrm{.}5\%,$ should she buy or rent?

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