Personal Finance: Rent or Buy

Answer the following questions. 1) Name at least three financial reasons that we should buy a home. 2) Name at least three financial reasons that we should rent instead of buying. 3) How much is the salary you need to make to afford a house worth $400,000? Decide the monthly mortgage for 30 year loan, assuming the monthly rate 5% / 12 Calculate annual mortgage payment = monthly mortgage payment " 12. How much percentage income would you be comfortable to use for mortgage payment. Annual mortgage payment / % of income for mortgage = annual income. You can start with the mortgage example in our discussion of time value of money and also include other considerations