[sawyer]

The only problem with a calculator like this (intelligent as it is), is that it doesn't model the most significant cost of home ownership - upkeep. Compound that with a complete inability to model the risk associated with "home price appreciation" and it's really only of academic interest.

In my experience this decision cannot be made empirically - home ownership will probably be more expensive, but will afford more freedom and stability (no one will sell the property out from under you and disrupt your family). In addition, like any investment, there is a possibility but not a guarantee that the asset will appreciate; however this is not a given - look closely at the economic future of your location and try to decide if there will be more or less demand to live there in twenty years - the Bay Area will probably be safe :)

There's also a significant opportunity cost attached to a down payment.

Don't get me wrong, I think SmartAsset has done a phenomenal job with this calculator! Just keep some of the intangibles in mind that are impossible to model this way before making the decision to rent/buy for yourself.

[mcarvin]

Just to be clear, opportunity cost and maintenance / upkeep are both modeled and incorporated in the values you see on the buy vs rent chart.

There are also several components to the decision. Even if you give greater weight to the emotional rather than empirical factors (as many do), it is still prudent to make sure you can afford your home.

[greyboy]

And yet, like most (all?) calculators, there is no questioning about the houses age, condition, pending/expected costs, etc. Those are things I've always needed to tack onto the calculator results to get a better answer.

Edit: Sorry, I think my message's tone should be better. I enjoyed testing the site but while looking for a home last year it would have been nicer to have more control of how these calculations were done.