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Learn the advantages and disadvantages of renting vs. owning a home, how to decide what's right for you and the ONE thing that should be the deciding factor. Advantages of Home Ownership: Forced savings in the form of equity Tax benefits (interest deduction) In control You own the property Can do what you want to it Benefit from prices rising Disadvantages of Home Ownership: Mortgage interest to pay and mostly interest at first Debt around your neck Can be foreclosed Pay for repairs, maintenance, insurance, yard Property tax Advantages of Renting: No real responsibilities other than rent No cost of repair or maintenance No Taxes or insurance Might be less expensive than buying No down payment Opportunity cost of down payment Flexibility to move, change neighborhoods or states Disadvantages of Renting: All the money goes out the door Opportunity cost of down payment - could earn $$ or 0 Can’t personalize the rental to your liking or make upgrades At end of 30 years, own nothing You have a landlord Owner is in