Unlike renting, your monthly payment won’t change when you buy a home with a fixed-rate mortgage (unless you refinance).
In some cases you may be able to deduct interest and property taxes from your tax return.
Real estate is a great way to build equity and grow your money over time. Any money you put into improvements will likely increase the value.
Renting can be less expensive in the short term, give you increased mobility, and have less stringent credit requirements than buying. But if you’re ready to settle down, have cash on hand, and your mortgage payment would be equal to or less than rent, it might be time to buy.
Renting and buying a home both have advantages and disadvantages, and you’ll want to carefully consider your options before making any big moves. Consider questions like: