The American dream.owning your own home. However, homeownership may not be for everyone. Whether you choose to rent or buy a home, both have benefits.

Renting

Pros:

• Little repair costs. If an appliance breaks, it is up to the landlord to repair.
• Lower Costs. Renting requires little upfront expenses.
• Supply and Demand. If the demand for buying houses are low, it may be difficult to sell your home for its full value.
• Short Stay. If you are not planning on staying, renting may be more economical to avoid costs of buying a home.

Cons:

• Investment. When paying rent, you are not investing in your home.
• Pets. Landlord may limit size and amount of pets in your home.
• Limited Space. There are limitations to the amount of changes you can make.
• Increase in rent. Rent may increase over the years.

Buying

Pros:

Appreciation. Houses generally appreciate over time.
Savings. Mortgage interest may be tax deductible depending on the state you reside.
Refinance. It can be possible to refinance at a lower rate, bringing payments down.
Modify. You are free to make any improvements to your home, which may increase the value of your property.

Cons:

Payments. Mortgage payments are often higher than rent.
Value. There is no guarantee that the value of your home will increase.
Maintenance. You are completely responsible for any maintenance needed.
Moving. It will be difficult if you have to move on short notice.