BUYING

Pros

• You build equity over time
• Home value may increase over time
• You may reap tax benefits
• Unlimited freedom to customize your living space
• Sense of home stability/permanence

Cons

• Closing costs can be prohibitive
• Responsibility for maintenance and repairs which requires time and effort
• Less flexibility to move (at greater difficulty/expense)
• Home value may decrease
• Recent tax laws could hamper tax benefits

RENTING

Pros

• Mobility/freedom to move around
• Landlord pays for maintenance
• Doesn’t require expensive closing costs
• No fluctuation in monthly housing expenses
• Allows you to test-drive different living spaces

Cons

• You don’t build any equity
• Limited ability to customize your living space
• Rent could go up over time
• Landlord might sell or decide to stop renting
• Limited sense of home stability/permanence