Checklist #06 · Home
Rent vs. Buy Decision
Evaluate the rent vs. buy decision across financial, lifestyle, and time-horizon dimensions — before letting emotion or social pressure make the choice for you.
25 action items~20 min to complete5 sections
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Assess Your Time Horizon
0/4 completed
Determine how long you realistically plan to stay in this locationKey
Factor in career flexibility requirements
Consider personal life transitions likely in the next 3–5 years
Be honest about your local market's price appreciation historyWatch out
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7 yrs
Average break-even point: rent vs. buy nationally (2024)
5.1 yrs
Median tenure in a home before selling (NAR data)
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Compare True Costs
0/6 completed
Calculate total monthly cost of renting in target areaKey
Calculate total monthly ownership cost for comparable propertyKey
Calculate the down payment opportunity costWatch out
Run the break-even calculation
Account for the mortgage interest deduction only if you itemize taxesWatch out
Research rent growth trends in your market
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Evaluate Financial Readiness
0/4 completed
Confirm you have down payment plus closing costs plus 3-month post-purchase reserveKey
Verify your DTI allows for homeownership without eliminating all other savings goals
Confirm stable income for at least 2 years
Check whether your credit score qualifies for best available rates
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Factor in Lifestyle & Goals
0/4 completed
Assess your desire for stability and customization rights
Evaluate your local rental market quality
Weigh the emotional and social factors honestly
Consider whether you want to be a landlord in the future
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Make the Decision Framework
0/11 completed
List your three most important factors driving toward buying
List your three most important factors driving toward renting
Run the Worthune Rent vs. Buy scenario to see 10-year total cost projectionsAction
Decide — and revisit in 12 months if you choose to continue rentingKey
If buying: set a 12-month purchase timeline and work backward from there
Compare plans side-by-side on: premium, deductible, copays, OOP max, and networkAction
Choose based on total expected annual cost, not monthly premiumKey
Enroll during open enrollment — missing it means waiting until the next year (except qualifying life events)Watch out
Set up auto-contributions to your FSA or HSA immediately after enrollmentAction
Verify plan effective date and transition coverage from previous planWatch out
Review plan documents and provider network tools after enrollment