Rent vs. Buy: Which should you choose?

Should you rent a home or buy one?

Many people struggle with this decision. To be sure, both options have advantages and disadvantages. For example, renting is more flexible and comes with fewer maintenance worries, but paying rent doesn’t build equity or amount to a long-term investment the way paying a mortgage does. Homeownership, a critical component of “the American dream,” provides a sense of permanence and security, but can be expensive if the home requires more maintenance or repairs than expected.

The decision is can have a big impact on your future, and it often comes down to personal preference and financial considerations. Luckily, there are resources available to help you weigh your options and come to the best choice based on your individual needs.

Of course, before making any life-changing decisions, it’s always best to consult a financial advisor who can assess your individual situation and help you determine the best course of action based on that assessment.