Moving Family Forward

Rent vs. Buy Pros and Cons

For many, home ownership is one of the keystones of the American Dream. A home is where life happens, from starting a marriage, to bringing home a newborn baby, to becoming empty nesters after sending your children off to college. A home hosts our livelihood in a way much different from that of renting. So when considering purchasing a home, there are several factors to examine.

Rent vs. Buy Pros and Cons



  • No Tax Breaks
  • Substantial Tax Breaks
  • Mobility/Freedom to Move Around
  • Little Flexibility to Move 
  • No Equity Built
  • Build Equity
  • Little Decorative Freedom
  • Unlimited Decorative Freedom
  • Short-Term Committment
  • Maintenance Costs
  • Monthly Payment Goes Towards Landlord's Mortgage
  • Monthly Payment Goes Toward Your Mortgage

Reviewing the Pros and Cons of Home Ownership

Rent or Buy

When buying a home, you can build home equity, which is a good way to free up cash for renovations or to consolidate debt. In terms of tax breaks, the interest on your mortgage, property taxes, and even work-from-home expenses are tax deductible. Then, there are maintenance costs to consider. The upkeep on your home is certainly an investment, whereas when renting, maintenance is not always the responsibility of the tenant. 

How important is decorative freedom to you? When renting, there is limited decorative freedom in terms of painting or renovations, for example. However, when owning a home, you can personalize it however you like, whether that’s renovating a kitchen, replacing floors, or painting walls, to name a few options.

Lastly, any monthly payment when either renting or buying goes toward a mortgage. When renting, it goes toward the landlord or property owner’s mortgage. When buying, it goes toward your own.

If you're considering purchasing a home or think that home ownership over renting is the best option for you, talk to one of our loan officers today. Learn how much you can afford and even score a pre-approval.