Have you considered the tax benefits of home ownership - it just might be more than the $200 difference, and the equity build up over the years is another benefit, although this has not happened in the last few years, you are probably purchasing at or very near the bottom!

I'd say become a homeowner and stop being a renter!

Bill Wootan

Puffy,

I am in agreement with Christine's answer. There are always benefits to owning your own home vs renting. It sounds like you have done a bit of calculations already, but you may want to speak with a loan officer to get the true picture on the differences in mortgage vs rent.

As far as the prices dropping more, my opinion is we have seen the bottom and are climbing slowly back up. The interest rates will more than likely start climbing little by little in the very near future. Un fortunatly, you have missed the $8,000 tax credit to first time homebuyers, however,there is a very strong possibility that Congress will be either extending it, or pausing, then offering another tax credit. According to all the reports, all indications are pointing toward some sort of tax credit to be available again.

I would love to have the opportunity to explore all of your options with you. If you should decide it's in your best interest to go forward in purchasing a home then I would very much like to help you with it.

You may contact me by email; http://www.kathydawson@championrealty.com or cell phone 410-507-8970.
I do wish you the very best!

Kathy Dawson, GRI,CSSA,CDRS

Puffy,
I think that owning a home instead of renting is in most cases a good idea. It does depend on how long you are planning on living there. If you will be there for another 2 plus years then you will most likely see a return on your investment. It is a buyers market so you may want to take advantage of todays market conditions and mortgage rates. You will also receive the tax benefits of owning vs renting. The interest you pay on your mortgage is tax deductable. These are just a few benefits of owning vs renting. If you would like to discuss your options further please give me a call I would love to help you weigh your options.
Christine