There will always be debates on this and I doubt anyone can guarantee their answer is correct, but here’s my take:

  • Renting makes sense if you know you’ll only be in a certain area for 12 months or less *or* if you can’t qualify for a mortgage for the house you want (renting and paying on time will help get you a mortgage).
  • Buying makes sense when you’ll be in an area for a while and want to capture the property value increase and tax benefits.
  • In today’s economy you’ll find bargains everywhere - especially foreclosures - and you can own for less than you’d expect.