Problem:
Your daughter has recently graduated from college and landed a great job making $50,000 a year in your hometown. She has come to you for advice concerning whether she should rent an apartment or buy a small starter house. Using resources such as local real estate offices or www.realtor.com, research the real estate market in your area to determine the following:
Q1. What monthly payments can she afford?
Q2. Based on an affordable monthly payment, in what price range should she look?
Q3. What houses are available for sale in her price range?
Q4. How much would apartment rental cost? (keeping in mind she's your single daughter and you would want her to live in a safe neighborhood)
Compose a letter to your daughter detailing the results of your research and make a recommendation as to whether she should buy a house or rent an apartment. Be sure to explain the costs and benefits of home ownership and renting.
2 pages