Buyer Information

---

One of the biggest financial questions people face is whether to keep renting or take the leap into homeownership. There’s no one-size-fits-all answer—it depends on your lifestyle, your finances, and your long-term goals. Still, there are clear advantages (and trade-offs) to both sides.

Renting can be a smart choice if you value flexibility or aren’t ready to commit long-term. Many renters appreciate:

• Mobility: Easier to relocate for work or lifestyle changes.
   
• Lower upfront costs: Security deposits are often less than a down payment.
   
• Fewer responsibilities: Major repairs and maintenance fall on the landlord.
   

But there are trade-offs: rent can increase over time, you don’t build equity, and you have less control over the property.

Buying a home is often seen as an investment in your future. Benefits include:

• Building equity: Each mortgage payment helps you grow ownership instead of paying someone else’s.
   
• Stable payments: With a fixed-rate mortgage, your principal and interest stay the same year after year.
   
• Personalization: Your home, your rules—from paint colors to renovations.
   
• Potential tax advantages: Homeownership can come with deductions and financial benefits.
   

Of course, ownership also means responsibility for maintenance, repairs, and upfront costs like the down payment and closing fees.

Ask yourself a few key questions:

• Do I plan to stay in the same area for the next 3–5 years?
   
• Am I financially prepared for a down payment and closing costs?
   
• Do I want stability or flexibility right now?
   
• Does owning a home fit into my long-term financial goals?
   

If you answered “yes” to staying put and wanting to build equity, buying may be the smarter move. If you’re still testing the waters or want freedom to move, renting may make sense for now.

Both renting and buying have their place—it all comes down to what fits your life today and your goals for tomorrow. The good news? If you’re leaning toward homeownership, there are many loan programs, down payment options, and resources available to make it easier than you might think.

📥 Curious about financing options? 

Download our Common Loans Guide to see which path to homeownership might work for you.