The ages-old belief that buying your home is better than renting has fallen under scrutiny since the economy crashed a few years ago. Now there are many factors playing into whether you will be better off buying or renting. For starters, will you be staying in the area for more than five years, or will you need to move to find work? Is your job stable? You may have to consider these and other factors before deciding whether to rent or buy.
Buying a home is great if you can afford it, but the average homeowner spends 4% of their yearly income maintaining their home, which not everyone can afford. That said, mortgage interest can be written off your taxes, which can decrease your bill significantly.
To learn more about whether renting or buying is right for you, check out this informative infographic. You might be surprised to find out what is right for you.