Renting versus buying, which option is best for you?

Profile Image

Estee Soto

Date Published: 2021-11-22

One of the biggest decisions that anyone can make in their life is to purchase a home. Some homebuyers may wonder if their decision to purchase a home is the right decision for them since the average person changes their mind regarding their decision every five to seven years.

While taking this information into consideration, many people do wonder if purchasing a home is the best option for them. However, there are many advantages to purchasing a home. Yet there are disadvantages, which means renting may be the better option for them. 

The best way to know whether buying or renting is the better situation; the individual must look at their situation in order to make the right decision.

Should I Buy Or Rent?

There are two factors to consider in this equation: How much the homeowner expects the home to appreciate and how long the homeowner plans to stay. A homebuyer usually needs to stay in the home for at least three years to make up for the costs.

Staying for five years is a more preferable timeframe. However, the homeowner may need to stay longer to be ahead compared to renting, which depends on the part of the country one resides.  

Affordability must be taken into consideration when deciding to buy or rent, despite the plans of a person to stay in a home for a long time. Many financial experts suggest that buyers keep their monthly residential payments at 33% or below their gross monthly income.

Estee Soto, Realtor
Premier Elite Realty
M. 305.450.2217 


More about our services

You may also like

The educational system in the United States is usually public, and its control and financing is given through the three levels of government ...

There are several expenses associated with buying a house. When making the decision to buy a house it is important that you know and take into account all the charges that you will have to pay.

A Real Estate Agent or REALTOR® is an advisor that specializes in the buying and selling residential and commercial property. He or she is a member of the National Association of REALTOR®, a professional association with more than one million members in the United States...

Are you looking to invest?

Contact me