When is it Smarter to Buy or Rent?

Options. This is one of my favorite words! I believe that having options improves learning and enhances decision-making skills. As a college student, I learned a lot about real estate and improved my decision-making skills. How? I experienced every living arrangement that was available! While living on campus, I had a private room as a freshman and a roommate later. I also shared an apartment with my sister, and I commuted when I was a senior.

When I graduated and started earning a salary, I wanted to build up my finances before moving out on my own. As a result, I stayed home and researched apartments as well as residential areas. I compared renting an apartment to buying a home because my parents always encouraged my siblings and me to become homeowners. I did not have enough for a down payment, but I could pay to rent an apartment. In addition, I did not want to take care of any repairs, maintain a lawn, etc.


I was not sure about how long I would continue living in my hometown; so, I chose to rent an apartment. While living in an apartment, I saved enough money for a down payment. I also grew tired of the noise and other problems of apartment living; therefore, I asked myself the same question that many people are asking now: “When is it smarter to buy or rent?” Again, I believe the decision comes down to your options. I made my decision based on the following three considerations: money, preferences, and mobility.

I purchased my first home after saving enough money for a down payment, selecting an affordable home, and considering any additional costs. One thing that I overestimated was my mobility. Due to advancement opportunities, I sought employment in another city and commuted for several years. However, I am pleased with my decision to purchase a home despite the extra expenses. After all, homeownership is the key to building wealth.

Next week, I will post about the one time I did not listen to my father’s real estate advice. Have you struggled with the decision to buy or rent? Please comment.


  1. Eddie Harper says:

    As a real estate broker I believe buying a home is a great investment. Today’s mortgage rates are very low and buying a home is much cheaper than paying rent. I’m do glad that you informed your readers about the maintenance of owning a home. I really enjoy reading your blogs. I can’t wait to read about the advice you didn’t take from your father!

    • cakas38 says:


      I appreciate you for reminding readers that mortgage rates are very low; so, now is a great time for some renters to make an excellent decision for their families! Thank you for your comment as well as your support.


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