First-time home buyers typically will resort to the rent vs. buy calculator to see if the home buying makes sense. In short term renting may often look attractive; however, history shows that people who own a home typically build wealth in their lifetime. So use this calculator, but always remember there is an end to the work life, typically at age 65. If you want the largest monthly expense to disappear in your retirement, own a home by age 35 or so. A 30-year fully amortized mortgage will pay off your home by the time you retire.