Rent Versus Buy?

The question whether to buy versus rent is a great topic of debate. However, by asking yourself a few important questions the answer should come easy.
First of all, let's consider the total costs of home ownership...these costs include mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. Total costs of home ownership include an offset for the tax advantages of home ownership, including mortgage interest, property tax and closing cost deductions.
The total costs of renting include rent and renter’s insurance.
Now, let's consider how long you will live in the home. Buying a home and selling after 1 year, probably would make renting seem like a more reasonable choice. But after 3-5 years, buying becomes the less expensive solution. Also, it is wise to consider home value rising over a period of time and renting rates rising over time as well.
Keep in mind that paying rent is ultimately helping the landlord and not yourself. With a rent payment all the equity is going to the landlord. But, if you are only going to live somewhere for a year or less, renting could be better because of flexibility and lack of liability.
Another good question to ask yourself is not just a question of money. There is pride and pleasure in home ownership with the ability to make it your own. For example, paint the colors you want, remove a wall, remodel the kitchen, etc. You do not need to ask your landlord for permission. Owning a home can be more of a lifestyle decision and less of a financial decision.