In the U.S., it can pay to own your home. In the right location, the benefits of buying a home may outweigh the option of renting when you consider factors such as building equity, saving on the difference between monthly rent and a mortgage, and establishing a rooted connection within your chosen community.
There are valid arguments for both renting and buying that savvy people are weighing when they evaluate which option best fits their needs.
Choosing to make a large investment in buying a home is a decision that takes some significant thought. Here are some of the considerations you may need to evaluate when deciding whether renting versus buying a home best fits your lifestyle.
NOTE: The considerations below assume that you're in the proper financial position to seriously consider taking on homeownership. If you're not sure if you are ready to buy check out our rent vs. buy calculator or take a look at the affordability calculator to start thinking about how much home you may be able to afford.
Is now the right time for you to become a homeowner?
• I may leave the area in the near future
• I want to maintain the freedom to move
• I do not want to be responsible for maintenance or repair bills
• I am saving money for a down-payment or repairing my credit
• I want to avoid concern about my home losing value
•I accept that I have limited ability to decorate or remodel
•I don't mind being at the mercy of a landlord
• I want to stay in my location long term
• I want to build equity
• I want to take advantage of tax breaks
• I am financially ready to invest in the upfront costs to obtain a mortgage
• I am prepared for any maintenance losing value and upkeep needed
• I want no restrictions on how I decorate or remodel
• I want the freedom to personalize my space and fully control my home