![A table explaining the pros and cons of renting and buying. Pros of renting include: You have more flexibility if you think you may move soon. You may not be responsible for home repairs like a new roof or driveway. You may not be responsible for yardwork, and renting has a lower up-front cost than buying. Cons of renting include: Paying rent does not help you build equity. Rents may increase. When you rent, you have a limited ability to customize your space. Pros of buying include: A house is an investment that tends to appreciate over time. When you buy a home, you have freedom to customize your space how you want it. Buying offers more stability in your housing situation. Buying also helps you build equity as you pay your mortgage. Cons of buying include: Buying usually has greater up-front cost than renting. You may incur additional taxes and fees from owning a home. You will have responsibility for major repairs.](/sites/default/files/styles/crop_thumbnail/public/2022-07/MOR-0253h6_Question4RightTime_20220705-01.jpg?itok=XTCT3fH5)
Is Now the Right Time to Buy a Home?
That's a tough one, but proper planning and research can help you make an informed decision
Getting Started
To answer this question, consider the advantages of renting vs. buying and decide which is more appealing based on your circumstances.
You may also want to consider the current market conditions when deciding if now is a good time to buy.
Renting Vs. Buying
Both renting and buying come with advantages and drawbacks.
![A table explaining the pros and cons of renting and buying. Pros of renting include: You have more flexibility if you think you may move soon. You may not be responsible for home repairs like a new roof or driveway. You may not be responsible for yardwork, and renting has a lower up-front cost than buying. Cons of renting include: Paying rent does not help you build equity. Rents may increase. When you rent, you have a limited ability to customize your space. Pros of buying include: A house is an investment that tends to appreciate over time. When you buy a home, you have freedom to customize your space how you want it. Buying offers more stability in your housing situation. Buying also helps you build equity as you pay your mortgage. Cons of buying include: Buying usually has greater up-front cost than renting. You may incur additional taxes and fees from owning a home. You will have responsibility for major repairs.](/sites/default/files/styles/crop_thumbnail/public/2022-07/MOR-0253h6_Question4RightTime_20220705-01.jpg?itok=XTCT3fH5)
Additional Resources
These resources may be helpful for estimating the costs of renting and buying and learning how to buy and maintain a home.