It’s a common question: does it make more sense for me to purchase and own a home or continue renting? While age-old wisdom often says owning is a wise investment, many people do not fully understand the costs associated with owning a home. Often times, renting is the more sensible and economical choice, even long-term.
For example, a $1,200 mortgage may look less expensive than a $1,750 rent payment… until you realize all the other costs associated with owning a home. The illustration below provides a compelling image of the costs associated with each: