Buy vs. Rent

Advantages to Buy
1) Property builds equity (sometimes)
2) Sense of community, stability and security
3) Free to change décor and landscaping
4) Not dependent on landlord to maintain property
5) Tax Benefits

Considerations to Buying
1) Responsible for maintenance
2) Responsible for property taxes
3) Possibility of foreclosure and loss of equity.
4) Less mobility than renting
 
Advantages to Rent
1) Little or no responsibility for maintenance
2) Easier to move

Considerations to Renting
1) No tax benefits
2) No equity buildup
3) No control over rent increases
4) Possibility of eviction
 
Source: Ginnie Mae