Valley First

Buying VS Renting

Let’s face it, buying a home is a large financial decision but it means you are saving money in the form of equity which is smart. Renting a home means less obligation to that home but you end up building someone else’s equity.

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Financial considerations

  • Your monthly expenses are generally higher if you have a mortgage on your own home versus renting a place.
  • If you’re considering a mortgage, your monthly debt load shouldn’t be more than about 40% of your total monthly income. This way you can still live comfortably while paying off your home.
  • Keep in mind that if you decide to buy versus rent, you’ll need to cover the costs associated with maintaining your new home—new roof, repairs, furnace and other appliances, plumbing, etc.


Try renting as a test of how well you would do at home ownership—your rent costs will be similar to what a homeowner would pay for a mortgage. After 6 months to a year, if you were able to make your rent payments with ease, home ownership may be for you!

Personal considerations

  • Buying a home is great if you plan to stay in one community for a long time. If you rent, you can move around with greater freedom.
  • Buying a home is a great foundation for raising a new family—you get to shape the home into what your family desires. With renting, you’re usually stuck with what the landlord wants.
  • Renting may be a better option if you’re expecting to change careers soon or if you’ll need to move in the short term.


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