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A couple plans to purchase a home for $315,000. Property taxes are expected to be $1,900...

A couple plans to purchase a home for $315,000. Property taxes are expected to be $1,900 per year while insurance premiums are estimated to be $1700 per year. Annual repair and maintenance are estimated at $1,950. An alternative is to rent a house of about the same size for $1,950 per month [approximate using $23,400 per year]. If an 7.0% return before-taxes is the couple's minimum rate of return, what must the resale value be 10 years from today for the cost of ownership to equal the cost of renting?

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