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Unformatted text preview: too, all money spent on rent is gone without the possibility of ever making it back, closer neighbors, smaller space. There other factors go in to the decision, current market prices, and time line it will take to find a house and move in. The cost of buying a house could be high because the family may have to give up many extracurricular activities to offset the monthly living increase. What is gained when buying a house is the house will be paid off over years, the value of the house should increase, it is the family own space, and with a set interest rate there is no worrying about the price going up like there would be with renting. There is less given up and more gained from buying a house so in most case if it can be afforded it is a good decision to buy a house. A NEW HOUSE - READINESS 3 Reference Mankiw, N. G. (2007). Principles of Economics (4th ed.). Mason, OH: South-Western Cengage Learning....
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- Spring '11
- Economics, Apartment