There are many advantages of buying a place to call home these days. There also may be some reasons to rent. It really depends on your current situation and short and long term goals. If you are constantly in a life of moving around to accommodate a career or family situation, then renting may be the right thing to do. Another reason would for the fact that you may not be financially prepared to make a purchase in terms of down payment , credit worthiness, or job stability. Your income, savings, and monthly expenses play an important role in determining how a mortgage you can afford.
In many cases, the amount of money a renter spends on rent can be about the same as or less than the amount a homeowner spends on a mortgage. With the tax benefit for homeowners, the savings can be significant.
Please visit www.ginniemae.com for rent vs. own calculators to compare what you are paying in rent to what you can afford for a mortgage. There are great comparisons for a 10 year rent vs. own scenario.
