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Before purchasing a home, ask yourself these questions:
  • Do you have a steady source of income?
  • Do you have a record of paying your bills on time?
  • Are home prices fairly stable in your area?
  • Are you planning to stay in the area for a few years?
  • Have you budgeted for the costs of homeowners insurance, utilities, property taxes and other costs?
  • Can you pay for unexpected repairs and maintenance?
  • Have you factored in the tax benefits?
When you are renting a home: 
  • There's little or no concern about maintenance and repair costs
  • It's easier to move 
  • You aren't building up any equity
  • You typically have restrictions about changing decor or landscaping
  • You have no control over rent increases
  • You don't get any tax benefits
  • There's a possibility of eviction
While owning a home may give you a sense of community, stability, and security, it is a personal decision that must be carefully evaluated.   There is no 'right' answer for everyone. 

For more info, please see the related content.