A seemingly enormous set of factors can be considered when making this decision. These include comparing the initial and ongoing total costs of renting versus buying. When renting you lack control over things ranging from your lease getting renewed, the amount of the lease and the maintenance provided to the property by your landlord.
With buying you gain predictable mortgage payments for years to come. With that comes responsibility for the down payment, closing costs and maintenance.
In metro markets overall, Trulia* has calculated that interest rates would have to rise to 10.6% before renting would become cheaper than buying. And those interest rates went out with the 80s!
If you're ready to take the next step, work with a team that can provide the personal attention you deserve. Our mortgage company has helped over 200,000 borrowers fulfill their dream of home ownership. We'd love to help you too!