Some of the factors that don't go into this are capital expenses, like major homes repairs such as a new roof, it also doesn't take into account the costs of buying and selling, about 14% of the total home price for the buy and then the sell put together. It also doesn't take into account flexibility, it's easy to move if you are renting, hard if you are buying, I wouldn't advise a buy if you aren't staying put for at least 7-10 years.
There are also some other market conditions, condos rent for more than houses, location in the city, etc. This does not of course mean that buying can't be a great option even at a low price point, there is the accumulation of equity, tax write offs for interest and some expenses, houses are great ways to guard against inflation, etc.
Let me know if you are interested in moving into the home buyer segment or just if you have any other market questions, I'm always glad to help answer questions.
It would really depend on the price point and rents that you would be paying. This is a an easy decision to me, whether you would like to throw away money and pay another persons mortgage. The timeless factor especially now is how much much money you could make in the future by simply making a payment and picking up a great home in an area of your choice, at rock bottom prices.
In a direct response to your question my opinon would be anywhere from $1000 on up. With interest rates as low as anyone has seen in 50+ years, this makes any payment on a home to own as affordable if not more than ever. Not to mention you don't have the tax advantages of writing off a majority of your interest to taxes for the first while. This no doubtably can't really be done with rent.
To purchase a home in this market at these prices make many home owners envious. If you are contemplating purchasing a home, you should definitely look further into it and get pre-approved. Then you can see what homes are out there for the same price you would be paying for rent.
If you would like to explore the options that might be determining factors, simply give me a call or send me an email.
I hope this helped in reference to your question.
Thank you for your time and consideration,
Hot Spot Investments
VIP Residential & Commercial Sales Manager/REALTOR