Publication number: ELQ-62174-1
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Conversion of rent to the minimum affordable home or condo price
Determine the price of a home/condo that would be equivalent to the after tax cost of paying a rent
This file estimates the home price which a renter could pay that would result in approximately the same after tax cost as renting.
It does not consider the benefits of appreciation or future increases in rent.
If the user wants to consider appreciation the minimum affordable value will clearly be higher. Or if the user wants to consider future rent increases then simply put a higher rent value into the assumptions.
Only first year equity buildup is considered, thus this is the minimum rational price a renter could pay used to set a lower level unit price.
by Prof. Norm Miller, PhD
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1 Excel Model
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