Step 1: Identify a home in your area (or wherever you'd like to live). Step 2: Based on the price of the home, determine how much it would cost you on a monthly basis to purchase that home. Your payment will consist of Principal, Interest, Taxes, and Insurance (PITI). Note: Use current 30-year interest rates; Assume 5%-10% downpayment; The "insurance" in the PITI is not property coverage, it is insurance to protect the lender in case you default on the loan. Step 3: Identify a comparable rented space and compare that cost to the monthly cost in Step 2. Step 4: Submit the comparison in an Excel spreadsheet or Word file. You may also submit supporting documentation to identify your sources.