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Economic Research Firm Offers Housing Cost Calculator

My favorite group of economic researchers, the folks at the D.C.-based Center for Economic and Policy Research (CEPR) have just released the web-based The CEPR Housing Cost Calculator. I discovered that right now, I'm better off renting. Until I think I'm going to be settled somewhere for more than 10 years, it's more expensive for me to buy than to rent in Portland, Beaverton, or Vancouver. This is good news since I just signed another 1-year lease on my apartment. According to CEPR,

This calculator compares the cost of owning a home relative to renting for a potential new homeowner. The Housing Cost Calculator reports the "Net Cost of Owning" -- the expected amount of additional cash available to a renter compared to the amount available to a homebuyer who buys a home today and sells the home at a specified time in the future. The calculator takes into account the unprecedented run-up in real home prices since 1997.