For most homeowners and renters, paying for shelter is the single biggest expense. If your housing expenses are too high, you’ll have a difficult time meeting any of your other goals.
There are many financial and non-financial factors in the decision to rent or buy. Some non-financial factors include your job security, your desire to live in your current community over the long term and the distance of a prospective home from your workplace.
A major financial factor in the decision to rent or buy is the amount of down payment savings that you have. No down payment means that your decision is a very simple one…you’re renting. If you have, or are expecting to have, a sizeable down payment and your goal is to own your home, then use the resources below to prepare yourself for this crucial financial decision.