Which factors help a family decide whether they should buy or rent a home?

Whether you choose to rent or buy your home depends on your financial situation, lifestyle, and personal goals. Both provide you with a place to live and require regular income to make payments. Renting offers flexibility, predictable monthly expenses, and someone to handle repairs. If you can't afford monthly payments, continue renting and keep saving money if owning a home is your ultimate goal, Holbert said.

If high rent prohibits you from saving, consider downsizing or making other major lifestyle changes so you can start saving more money. Saving more by renting or buying can depend on a few key factors. One is your location and the prices of other homes or rentals in your area. Next, you should consider your credit rating and whether a lender would consider you creditworthy.

Enable JS and turn off any ad blockers. Determining whether to buy or rent is a financial decision with many factors and long-term consequences. And right now, low mortgage rates, a competitive housing market, and the changing nature of work and location requirements serve to further complicate the decision.

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