Your oldest child, a son, has recently graduated from college and landed a great job making $50,000 a year in your hometown. He wants to make his own decision but has come to you for advice concerning whether he should rent an apartment or buy a small starter house or condominium. You and your son will use some local resources (such as local real estate offices) and research the following:
* What monthly payments can he afford if he were to buy a house or a condo?
* How much would apartment rental cost (keep in mind he is your single son, and you would want him to live in a safe neighborhood)?
Put together the following information from your research:
* Detail the research results.
* Make a recommendation as to whether he should buy a house or condominium or rent an apartment in your hometown.
* Explain of the costs and benefits of home ownership and renting.
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