Rent vs. Buy: What It Really Depends On
There's no universal answer. Put in what you know, and this shows you the honest tradeoff and the handful of things that actually move it.
Enter the actual rate you have been quoted. This tool does not assume a rate for you.
Rule of thumb: plan on at least 5 to 7 years. Below that, closing and selling costs eat your equity and renting usually wins. We default to 7.
County rates are a rough starting point. Effective rates swing a lot town to town, so use your real number if you have it.
Most owners don't budget for it, but deferred upkeep is just a bill you haven't gotten yet. 1% of value a year is the planning estimate.
What the money would earn if invested instead of tied up in a home. This is the single biggest swing factor, so be honest with it.
The number is only as good as your rent figure.
The biggest swing here is what that home would actually rent for. Let's run your real numbers together and pressure-test the assumptions.
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Educational tool only. Not financial, lending, real estate, tax, or legal advice. Brian Wittman is licensed in real estate (Real Broker LLC, IL License #475.164962), mortgage origination (NEXA Mortgage, LLC, Company NMLS #1660690; Brian Wittman, MLO NMLS #2646598; AZBK #2006218; Equal Housing Lender; NEXA corporate office: 5559 S Sossaman Rd, Bldg 1, Ste 101, Mesa, AZ 85212), and life insurance (Levinson & Associates). This is not a commitment to lend, and all loans are subject to credit approval. Consult a licensed professional for guidance specific to your situation. Verify mortgage licensing at nmlsconsumeraccess.org. Full disclosures at bluejeanbroker.com/disclosures.