Wondering if you should buy a home or keep renting? You’re not alone.

Millions of people are faced with this decision every day, and your move is dependent on a variety of factors: your income, ability to manage maintenance costs/upkeep, how much you’ve saved for a down payment, job stability, the housing market, rental vacancies, monthly payments, interest rates, proximity to work and school – the list goes on.

If you’re stuck trying to choose which option is best for you and your family, the New York Times has a cool tool worth checking out: a rent vs. buy calculator. Input items such as home price, income, the number of years you plan to stay in a place, taxes, fees, etc.. Once you’re done, the calculator computes the equivalent monthly rent. Give it a try!

For a complete picture of what the rent vs. buy prospects are like in your area, contact your local RE/MAX agent.