Josh and Juliette are deciding if they are ready to move in together and commit to a home. They are currently renting a floor in student housing at a cost of $1,500 a month. The property they are considering purchasing will cost $350,000. They have a down payment of $70,000.They will only live there for 3 years before upgrading because their degrees will allow them to earn a sizable income. The current mortgage rate is 3.15% that is offered by their financial institution. They would amortize the mortgage for a period of 20 years with monthly payments. Juliette’s net income is $36,250 and Josh’s net income is $42,875. Other costs associated with owning the property are as follows: $2,250 p.a. for property taxes; $800 p.a. for insurance and a monthly maintenance fee of $500. All expenses as well as home values are expected to increase at a rate of 2% p.a.. They can earn a return of 5% p.a.. 

a). Is it a good time for them to buy or should they continue to rent? Ignore moving and legal expenses. 

b). Name 2 other things they should consider in their rent vs. buy decision.