The decision between renting and buying is more than just financial. When you buy you might feel that you're chipping away at finally owning your own property, but it's a big financial commitment. The monthly cost differences between renting and buying a property can be significant, and sometimes you may be able to rent in an area that you can't afford to buy in, so rent vs. buy can be a lifestyle decision as well as a financial one as it will affect how much spending money you have.

There are calculators available that help you calculate the pure dollars and cents difference between rent vs. buy options.