Renting is a great option if you plan to move around and don’t want to commit to one location because it provides more flexibility if you decide to relocate. Another benefit of renting is that maintenance costs for things like lawncare and broken dishwashers
are usually the rental management’s responsibility. Plus, renting gives you a chance to try out different types of living spaces and explore different neighborhoods to see what works best for you.
While renting is often thought of as more affordable than buying, this is not always the case. It may be a good option if you need some time to save up for a down payment and other costs associated with buying your own place; in some cases, however, your
monthly mortgage can end up being less than your monthly rent.
Buying might be a better option for you if you plan on staying in one location for at least five years or so, and you’re ready to truly call a place your home. Homeownership gives you the opportunity to take pride in caring for the property you own.
It allows you to build equity over the long term and has potential for tax advantages that don’t come with renting. One more benefit of buying: You can customize your space the way you like, from painting the rooms, to hanging curtains, to nailing
a picture into the wall, without worrying about running it by your landlord.