Compare the true cost of renting vs buying a home over time
The rent vs buy decision depends on many factors: how long you plan to stay, local market conditions, your financial situation, and personal preferences. Generally, buying becomes more advantageous the longer you stay in one place due to equity building and fixed mortgage payments versus rising rents.
Beyond the mortgage payment, homeowners pay for property taxes, insurance, maintenance (budget 1-2% of home value annually), HOA fees, and major repairs. These costs are often underestimated when comparing to rent.