Years ago, the conventional wisdom was that it was always a good idea to buy your home, no matter your circumstances or how long you planned on living there. Now the economy has changed and so has the home-buying game. Mortgages are harder to get nowadays, but that doesn’t mean it’s easier to rent a place, either.
If you’re going to stay in your home for more than five years, you have a stable job, and you can pony up a 20% down payment, it may make sense to buy instead of rent. That said, there are a lot of personal reasons you might not want to deal with a landlord, so financial issues aren’t always the best gauge. It’s important to weigh all your options and make an informed decision.
For more considerations in the rent-or-buy issue, check out this infographic. It’s not an all-encompassing problem solving tool, but it will help get you pointed in the right direction.