Even though I really wanted to buy my first home, I wanted to make sure that it would be a good move financially. Everyone says home ownership makes financial sense – but would it make sense for me , at this point in my life? Or should I just rent for a while?

I decided to do the math. First I figured out the monthly expenses involved for renting versus owning my own place.

My rent is only $1,000 per month now, or $12,000 a year, but it goes up about 2% every year. I also pay $360 per year for renters’ insurance. So renting in the first year costs me $12,360 . More >