As the cost of living changes, folks are left wondering about their future housing. Owning a home is a dream for
many, however as prices increase, some may wonder if it’s better to own a home or continue to rent a property in the
long run. 

There are many aspects to both owning and renting a home to consider before deciding which option is the best for you
and your household. 

Homeownership expenses

When you own a home, all utilities, insurances and structural costs come out of pocket. When deciding to purchase a
home, take into consideration some of these expenses: 

• All utilities.
• Mortgage payments.. 
• Yearly maintenance costs (Example: home repairs, yard maintenance). 
• Yearly property taxes. 
• Home insurance (required if you purchase the property with a mortgage loan). 

Renting a property

If you rent a house or apartment, the company renting out the space may bundle rental payment’s in with the water
bill or other utilities. However, there are still expenses renters must cover which include but are not limited
to: 

• Rent.
• Utilities (Electricity, water, trash removal etc. – depending on the rental company you’re with) 
• Renter’s insurance.
• Parking fees.

Comparison

If you purchase a home with a mortgage loan, you’ll end up paying thousands of dollars in interest over the lifespan
of the loan. However, some of this amount can be recouped through mortgage interest deductions on taxes. 

When renting a property, you don’t have to pay for interest on a loan, however, you may be subject to increased rates
on your monthly payment from your rental company. In terms of longevity, as you pay for a home, you gain equity you
can borrow from for life expenses. You can’t gain anything back from money spent while renting. 

There’s pro’s and cons to both buying a home and renting so it’s essential to examine your personal finances and life
goals to see which one suits you best.