Purchasing a home is typically the biggest financial investment that any individual will make in their lifetime. Due to the fact that the typical person cannot pay for a home in one single payment, the mortgage payment of the home lingers over the individual just as a renter's rent payment does. The biggest difference of course is that the homeowner is putting forth the payment towards their eventual full ownership of the home, while the renter is simply putting forth payments to the landlord with no final outcome of owning the residence. Many people look at renting as basically "throwing money away," because the payments are not being viewed as an investment since they are simply paying for each month's rent to another individual. Although, there are many things that go into purchasing a home that can be seen as negatives to a current renter that will keep some from ever purchasing a home (i.e., the financial commitment; lack of moving freedom; complacency with the neighborhood; the financial risk). New York Times has an interactive rent calculator that allows each person to plug in their own finances that will allow you to see where you stand in the renting versus buying world. In addition, there are actually certain cities, researched by My Cheap Apartments, where renting proves to be more beneficial than buying. In the end there really is no right or wrong answer when it comes to renting versus buying, because ultimately it depends on each unique individual and their comfort with their financial scenario.
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