In the past year, home prices dropped by .7 percent while rent rates increased by 5 percent. That means that in some situations, the immediate costs of a rent payment could be greater than a mortgage payment.
If you're debating between these two options, you don’t have to decide today if you will rent for the rest of your life or if you will own a home. What you can do is decide what's best for you right now in your current location, with your current job and in the current economy. As you consider your options, take some time to answer the following questions.