68 customizable lessons, aligned with National Standards, exams and more.
Read NGPF's school-by-school analysis of financial education in America today
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Advocacy
Behavioral Economics
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Buying a Car
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Checking
Consumer Skills
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Cryptocurrencies
Current Events
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Edpuzzle
ELL Resources
FinCap Friday
Gambling and Sports Betting
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Interactive
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Paying for College
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Podcasts
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Question of the Day
Savings
So Expensive Series
Taxes
Teacher Talk
Great interactive tool from NY Times to aid in one of the most important decisions that individuals make in their lifetimes. This screenshot demonstrates how the user can adjust a set of variables (home price, time in house, mortgage details, growth in home prices and rental costs, taxes, closing costs and fees and maintenance costs) and immediately see its impact. Yes, that seems like a lot of variables, but you can see which ones really influence the outcome based on the shape of the graph. For example, the home price graph shown above is quite steep as the higher the home price, the higher the equivalent rent. The outcomes is expressed as “If you can rent a similar home for less than…then renting is better.”
Here is an example that your students can use to see how the tool works:
So, now the question is whether he can find a comparable rental for $811/month. To answer that question, I turned to rentjungle.com and pulled down this information about the rental market:
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Since on average a two bedroom apartment rents for $904, I am guessing that one can’t find a comparable HOUSE to rent for $811, which would seem to tip the scales in favor of buying a home vs. renting. You might also ask the student to consider what other factors are important in making this decision:
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Looking for other great interactive tools to engage your students? Check out the NGPF Interactive Library!
NGPF Podcast: Tim Talks to Reece Cannady and D.J. Bierwirth, Penn Students Passionate About Financial Literacy
Question: Would You Give Up A Portion of Your Future Income In Lieu of A Student Loan?
Interactive: What are the trends in home prices in your community? (Updated)
Interactive: What's driving the higher prices of new homes?
Question of the Day: Can you name ONE of the top 5 most Googled money questions in 2020?
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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