Homeownership is not for everyone. Depending on your financial situation and preferred style of living, there are many advantages to renting:
In some cases, especially in areas with high home prices, renting a home can be cheaper than buying a home, with rent being less than a comparable house payment. However in the Midwest, rent can often be the same or more than a comparable mortgage payment, that’s definitely when it makes sense to buy.
If your mortgage payment is higher than rent, look at your circumstances. It may make more sense to rent and invest the difference. Your return on your invested dollars may grow faster than the increase in value (equity) in your home, especially during the first few years of a mortgage when most of your payment goes toward interest and relatively little goes toward lowering your debt.
You have more flexibility when you rent. Most leases are for 12 months. So, if your job requires you to move frequently, renting can be a desirable alternative to owning.
Your landlord, not you, is responsible for performing nearly all maintenance and repair work on the property.
Finally, homeownership requires you to have a stable or growing income. If your income isn’t stable, now isn’t the time to buy a home. Just rent.