A foundational aspect of the American Dream is homeownership. Contrary to popular belief however, it’s not always better to buy a home than to rent a home. Like most things, there are several factors to consider when choosing to rent vs buy.
Primary factors that should affect your decision are:
- Are you financially prepared to purchase a home?
- Do you see yourself staying in the area for at least 5-10 years?
- Can you afford a home of the desired size in your preferred area?
- What does the local housing market look like historically?
Let’s go through each of these four elements as they relate to choosing should rent vs buy a home.[Read more…]