Buying or Renting Cafrey and his family are planning to find a new place to settle down in Elk Grove. After looking at several different houses, Cafrey picked one wonderful house which has about five rooms and three bathrooms. However, the price tag is about $535,000. Cafrey is willing to put down $350,000 as down payment but he has to take out a mortgage of $185,000. Since Cafrey knows the landlord, and they are good friend. The landlord is willing to rent out the very same house for $2,000 per months. The rent covers water, garbage, sewer, storm drain, insurance, and property taxes.
Should Cafrey buy or rent the house?
Should Cafrey buy or rent the house?