Paying rent is a lot less complicated than paying a mortgage—which makes it easy to figure out how much rent you can afford. You don’t have to worry about paying mortgage insurance, for example and you don’t have to worry about fluctuating interest rates.
Unfortunately rents can be raised on you for fairly arbitrary reasons, and there usually isn’t much you can do about it. So you do want to take that into account when select an apartment or a space to rent.
Remember that you can even rent an actual house (instead of take out a mortgage on a house), which opens up more options. Rent Calculator
Renting vs. owning is one of the big questions in life. Actually, for many people it’s not even a question, but maybe it should be!
Many of us have been told our whole lives that you have to own a home—that it increases one’s personal worth and is a good investment. We’ve been told that renting is “throwing money away,” and that it is illogical to let all that money slide down the drain.
This doesn’t really match up with reality though, does it? How many people on your block are trying to sell their homes? How many have been foreclosed on?