Renting vs. Buying: What’s the Right Move for You?

Should you rent or buy? The answer isn’t one-size-fits-all. Here’s how to weigh the pros and cons and determine which path fits your lifestyle and financial goals.

Advantages of Renting:

• Flexibility to move without selling

• Fewer maintenance responsibilities

• Lower upfront costs

Disadvantages of Renting:

• No equity or ownership

• Rent prices can increase annually

• Limited control over upgrades or changes

Advantages of Buying:

• Build equity and long-term wealth

• Fixed mortgage payments

• Freedom to customize your home

• Potential tax benefits

Disadvantages of Buying:

• Requires a down payment and closing costs

• You’re responsible for maintenance and repairs

• Can be harder to move quickly

Questions to Ask Yourself:

• How long do I plan to stay in one place?

• Do I have savings for a down payment?

• Is my job and income stable?

The bottom line: If you’re ready to settle down and want to invest in your future, buying might be the right move. If flexibility is your priority, renting could make more sense—at least for now.