Making the decision to buy or rent a home is a big one, and it's important to consider all the factors before making a choice. Your financial situation, lifestyle, and personal goals are all important elements to consider when deciding whether to rent or buy. Renting offers flexibility, predictable monthly expenses, and someone to handle repairs. If you can't afford monthly payments, renting is a great option and you can keep saving money if owning a home is your ultimate goal.
On the other hand, if high rent is preventing you from saving, downsizing or making other major lifestyle changes may be necessary in order to start saving more money. Location and prices of other homes or rentals in your area are also important factors to consider when deciding whether to rent or buy. Additionally, your credit rating will play a role in determining whether a lender would consider you creditworthy. Determining whether to buy or rent is a financial decision with many factors and long-term consequences.
Low mortgage rates, a competitive housing market, and the changing nature of work and location requirements all serve to further complicate the decision.