You should consider if you will rent or buy a residence. Include the expected rent and cost of housing in the area where you will be living upon graduation. Be sure and include the information source on the costs to buy or rent. If buying a home, consider qualifying and financing alternatives. Consider using the websites listed below for help. Please include a "screenshot" of your source, copied and pasted into your document.

Write at least two paragraphs explaining: the type of residence you chose, your reasoning behind your rent vs. buy decision, and any other information you would like to share regarding your housing investigation. For purposes of this assignment, you can assume closing costs as follows: Take the average Mortgage Closing Costs and Fees (Links to an external site.) total fees for the state in which you expect to be purchasing a home. Just click on the state you need on the map and use the Average Total Fees figure. Remember that the SELLER pays the Realtor's Commission! You may also want to look at the following sources for additional information: lc move.com (Links to an external site.) realtor.com (Links to an external site.) New House Calculator (Links to an external site.) You will only incur closing costs if you choose to buy a home, but remember renters will have deposits - first and last month's rent, security deposits, pet deposits, etc. What about property taxes? Property taxes vary greatly by state. Take a look at this chart for an estimate by the average price of the home (if you are a renter, you will NOT have to pay property taxes). Property Taxes By State (Links to an external site.) How much will property insurance cost? It's challenging to get an exact figure on how much homeowner's insurance might cost you. Factors like geographical area, crime rate, natural disasters, proximity to a fire hydrant, and lots of other factors influence the cost of homeowner's insurance. If you have decided you would like to BUY a home, estimate your homeowner's insurance using the following calculation: Annual Cost= (Market Value of Home/$1,000)*3.50. Answer the following question - Are there factors in the area you would like to live that would make your homeowner's insurance more expensive than the average calculated above? If you choose to RENT, an average renter's insurance policy will cost you approximately $25 per month (again, price varies based on location). How likely are you to purchase renter's insurance? What risks are you taking if you choose not to buy renter's insurance? Answer the following question - Are there factors in the area you would like to live that would make your renter's insurance more expensive than the average calculated above? You can find additional information on the cost of living at: City-data Link