Rent vs. Buy



  • Property maintenance is the responsibility of the landlord.

  • You can move or change homes once you have met the terms of the rental contract.

  • You do not have the costs associated with owning a home (e.g., property taxes, homeowner’s insurance, maintenance).

  • You will never have to replace a roof, an air conditioner or upgrade the electrical system as a tenant. NOTE: It is commonly recommended that you have Renter’s
    Insurance, which protects you against the loss or destruction of your possessions (e.g., burglary or fire)

  • Sometimes the costs to get into a rental are less than costs associated with buying a home.

  • If you don’t like your neighbors, you can easily move.


  • Buying

    You can build equity. Equity is the value of the home minus the amount you owe on it.

  • You can borrow against the equity for many purposes.

  • Homes generally increase in value over time and are a good long-term investment.

  • The home is yours shelter, your nest egg and once your mortgage is paid in full, your housing cost becomes merely your taxes and insurance.

  • Homeownership may reduce the amount of income tax you pay (interest and taxes are tax deductible).

  • You can pass your home on to family members.



  • You do not own your home or apartment or receive the benefits of being a homeowner.

  • Your rent might increase or cost more than a mortgage payment.

  • You might be unable to renew your rental contract and then have to find a new place to live.

  • You do not have control over your largest single outflow of cash each month (housing payment), your Landlord is.

  • You will always need shelter, if you continue renting, you will be paying high costs to have a roof over your head, where if you own, you can have the loan paid in full in the future and only pay for taxes and insurance as a carrying cost.


  • Property maintenance and upkeep are your responsibility.

  • You are responsible for the additional costs of Homeowner’s insurance, flood insurance (if applicable), real estate taxes, and homeowner’s association fees (if applicable)

  • You may have to sell or rent your home before you can afford to buy or rent another one.

  • You can lose your home, and your investment in it, if you do not pay your mortgage payments.

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