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Own or Rent

Renting and owning have distinct advantages and disadvantages. Below are a few things to keep in mind as you weigh your options.

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Which option is best for you?

Own

Take advantage of:

Increased equity with each payment.
Annual tax break based on the interest paid.
Stable cost of housing, with a fixed interest rate mortgage.
Ability to customize your home as you like.

And remember:

It’s a longer-term commitment.
Your home can lose value.
Maintenance costs are on you.
You’ll pay taxes and insurance.

Rent

Enjoy:

Shorter-term commitment.
Easier and less expensive move or relocation.
No- to low-maintenance costs.
Less expensive insurance.

And consider:

You are not building equity.
There is no tax benefit.
Rent can, and usually does, increase, so your cost of housing is not stable.
Pet ownership is often more expensive or difficult.