Albuquerque—Better to Buy or Rent?

Albuquerque, New Mexico, like much of the country, is affected by the sub-prime mortgage lending crisis dominating the news of late. With that in mind, I thought it would be a good to revisit and test the conventional wisdom that buying a home is always a better long term financial strategy than renting. Is it? Here is a fascinating online tool that may help you make a more informed decision. This Flash based tool from The New York Times allows the user to plot the financial advantages or renting vs buying with adjustable variables such as rent increases vs home appreciation, mortgage rates, etc. Try it! You may be surprised to see that the conventional wisdom does not always hold true!