Buying a house used to be a fundamental part of the American dream. You'd go to college, get married, get a car, get a job, buy a house, have children and have a great retirement at the end. But as time marches on this is becoming less and less the normal case. A great deal of the responsibility for this can be placed on the recent housing market crash and financial troubles that our economy has been going through. Because of this people are searching for alternatives to home ownership that are more affordable and less risky.
Buying a house represents a level of risk and requires a good level of financial stability. Because in today's
Simply put, buying a house is an extremely expensive endeavor. Not only are the upfront costs very high but you will also face yearly maintenance costs such as roofing, painting, cleaning and much more. But at the same time it can be a rewarding and personal experience. When you own a house you can make it truly your own in many ways. In most rental agreements you are restricted in what you can do to your living space. Even with the more liberal rental agreements you can never have the chance to make the changes to make a rental truly yours. A house also means financial and personal stability and is a great place to raise a family if that's what you intend to do.
In the end of course it is up to you. If you are financially stable and don't see much change in you living plans in the foreseeable future, buying a home may be the right choice for you. On the other hand, if you are just getting started in the job market, you haven't put aside enough savings, or you just don't know what your future will look like, it might be a good idea to consider renting.