By Marcie Geffner - Bankrate.com
Whether to rent or buy a home is an easy decision for many people. But for those who have the means and motivation to do either, the choice can be difficult to make.
Buying offers freedom from rising rents, a mortgage interest tax deduction and the possibility of building equity in a home over time.
Renting offers flexibility and no home maintenance or repair costs or obligations.
For people who aren't in a financial position to buy, renting is the only option. And some people who are able to buy still aren't sure this major commitment is the right choice for them.
When rents are high and prices are low
Affordability is a key factor that can tip the scales to the buy side, says Wendy English, sales manager for Century 21 Commonwealth in Medfield, Massachusetts. Rapidly rising rents in many cities, combined with attractive home prices and low mortgage interest rates, make owning a home seem more affordable than renting.