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Identify a home in your area (or wherever you’d like to live).
Based on the price of the home, determine how much it would cost you on a monthly basis to purchase that home. Your payment will consist of Principal, Interest, Taxes, and Insurance (PITI).
Use current 30-year interest rates; Assume 5%-10% downpayment; The “insurance” in the PITI is not property coverage, it is insurance to protect the lender in case you default on the loan.
Identify a comparable rented space and compare that cost to the monthly cost in Step 2.
Submit the comparison in an Excel spreadsheet or Word file. You may also submit supporting documentation to identify your sources.
