Is It Better to Rent or Buy?

Is it better to rent or to buy a home? Do you know the right answer?

Well, there is no “right answer”. Both options have their advantages and disadvantages.  

if you are among the nearly 40% of Americans that do rent, your average monthly rent is costing you 20% of your total income. You are not throwing that money away, you are getting a nice place to live.

I’d encourage you not to buy a house until you can pay at least 20% of the purchase price as a down payment and your mortgage is no more than 20% of your income.

Remember, this is not our real home, so make a decision that best meets your budget and then be grateful for what God has provided.

The Money Map can help you reach your financial goals! Download it for free at crown.org/money.