An age-old question for adults. This amazing chart and article from the NY Times offers some very interesting perspective on. But with the housing bubble burst, and tax credits offered to those purchasing their first home. The formula is a little complicated on what investment is best.
So…what is the answer? In the article’s words: It depends. For the most part, if you’re living in a place 5-7 years or less, renting is likely cheaper. Longer term residents would save money buying.
Here’s a city-to-city Interactive guide comparison provided by the Times.