The buying vs. renting debate has been going on for some time, and the truth is — there are pros and cons to both sides. What’s most important is that you make your decision based on your short and long-term goals, as well as what’s right for your finances.
The below chart compares the positives and negatives of both buying and renting to help you make the most informed decision.
Evaluate Your Situation
Once you’ve weighed out all the pros and cons, you should also do a cost-analysis to see whether buying or renting is more affordable for you. Since this is impacted by several factors, including mortgage rates, the price of the home vs. rent prices, and how long you plan to live there, consider using a rent vs. buy calculator to help you sort through all the details.
By doing your homework and evaluating your options, you can make the best decision based on your situation.