Calculator weighs buying vs. renting

An online calculator that allows consumers to compare the cost of owning a home versus renting is available from the Washington, D.C.-based Center for Economic and Policy Research.

The Housing Cost Calculator at www.cepr.net/calculators/hb/hcc.html takes into account the rise in home prices since 1997 plus current house and rental costs for 378 metropolitan areas.

The calculator provides potential homeowners with a way to calculate how much a new home would cost over time. Users simply punch in data such as house price, region, down payment, mortgage rate, tax bracket and the year they expect to resell the house.