What are the benefits of renting versus buying?

The decision to continue renting or to buy can be a confusing one. Some people continue renting because of the perceived flexibility of moving almost as soon as you decide. Although moving before a lease is up can cost you money, some continue renting because they don't enjoy yard work and don't want the responsibility that goes with home ownership.


Here are some things to consider when choosing between renting and buying:

Maybe the strongest reason for buying a home is the financial security you build as you pay your mortgage. There are short term and long-term tax advantages to homeownership. The mortgage interest and real estate taxes are tax deductible, which allows you to subtract part of your housing-related expenses from your taxable income, which could reduce your tax bill.


Other reasons to buy a home: