Which is Better: Renting or Buying a Home?

Before our nation’s housing crisis began in 2007, the rent-vs.-buy question wasn’t really a question at all. Because the answer was: If you can afford it and you’re going to stay put long enough to recoup the transaction costs, you buy. Simple.

That’s because, for the generations leading up to the Great Recession, buying was always superior to renting for two reasons – one societal and one financial.

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To Rent or Buy a Home?

In finding a house, it is critical to decide whether you’re going to rent it or buy it. Nonetheless, surveys say that buying a house will benefit you more in the long run compared to just renting a home; then again, all of it still basically comes down to what your needs are and what you can afford at the moment.

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Utahns Split On Renting vs. Buying In Today's Economy

Do we rent or do we buy? That is the question some Utahns are contemplating in today's shaky economy. Analysts say a growing number of Americans are renting rather than buying a home.

Resident Ron Thorpe and his wife bought their home in Tooele 10 years ago. He's even contemplated buying another house but doesn't want to pay two mortgages. He says now is the time to seize the home buying opportunity because of the state of the economy.

"Interest rates are at their record low," says Thorpe. "Housing prices have come down and you always need a home to live in."
Other Utahns aren't so sure about that. Rose Park resident Klarissa Mesi says she prefers to rent because it saves her money.

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The Housing Market: Is It Time to Rent or to Buy?

The stalled economy, expiration of homebuyer tax credits, marked-down home prices, stubbornly high unemployment and concerns about a double-dip recession all leave prospective homebuyers wondering if now is the time. Is it time for renters to convert to buyers and for existing owners to grab that dream home on the cheap? Or will housing get even cheaper?

Home prices have plunged about 30% from their mid-2006 peak on average, with some areas, like Las Vegas, seeing prices plummet in excess of 60%. At the same time, foreclosures have continued to rise in 2010 from their 2009 historic highs and have pressured prices further.

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