Purchase price
         $                                Appreciation rate
                             %            Your savings rate
                             %            Your state + federal tax rate
                             %             Years before sell/pay off loan
                                          Loan amount
         $                                Term (years)
                                         Interest rate
                             %            Discount points
                             %            Origination fee
                             %            Upfront costs
         $                                Yearly property tax
         $                                 Yearly maintenance
         $                                Yearly property insurance
         $                                Selling costs (% of selling price)

                             %

Owning will save you $22,621 compared to renting over the 7 years, in today's dollars.

Regarding ownership for the 7 years
  
 Total tax savings
 $19,776

 Total maintenance

 $4,900        

 Selling price

 $154,169        

 Equity

 $63,753        

 Selling costs

 $15,417

 Total payments
  
 Owning Renting

 Principal and interest

 $632         N/A        

 Taxes and insurance

 $183         N/A        

 Mortgage insurance

 $0         N/A             
       

 Total initial payment

 $815         $715

 The total cost of each of your options is graphed above.
 
 Note that the amount of time which you own a home makes a significant difference. The appreciation rate, your tax bracket, the rate you earn on savings, and the potential maintenance are also very significant factors.
      
 The higher your tax bracket, the more advantageous it is to own, provided that you are able to deduct mortgage interest.