Should You Rent or Buy a Home?

Deciding whether to rent or buy a home is a big decision—one that depends on your lifestyle, financial situation, and long-term goals. There’s no right or wrong answer, but this simple exercise might help you find which option feels more aligned with where you are right now.

Take a look at the chart below and think about which options resonate more with your priorities:

 

What Do Your Answers Say About You?

• If you answered mostly A’s, homeownership might be the right option for you. It offers stability, the opportunity to build equity, and the freedom to create a space that’s truly your own.

• If you answered mostly B’s, renting might better suit your lifestyle for the time being. It’s ideal for those who value flexibility and want to avoid the responsibility of property upkeep.

The Financial Factor: Finances

If you’re considering buying a home, the key question is: Can you afford it? While the benefits of homeownership are significant, it’s important to ensure that it fits into your financial plan.

That’s where Greenway Mortgage can help. Schedule a call to go over your finances and discuss whether you’re ready to take the leap into homeownership. Even if you don’t feel ready just yet, our Loan Officers can guide you through the steps to prepare for the future. 888-616-9885.

 

Before You Go...Try Our Rent vs Buy Calculator 

Ever wondered what you could purchase for the amount you're spending in rent each month? 

Use this 𝐪𝐮𝐢𝐜𝐤 𝐜𝐚𝐥𝐜𝐮𝐥𝐚𝐭𝐨𝐫 to see how your rent payment could look as a mortgage—𝙖𝙣𝙙 𝙝𝙤𝙬 𝙖𝙛𝙛𝙤𝙧𝙙𝙖𝙗𝙡𝙚 𝙤𝙬𝙣𝙞𝙣𝙜 𝙢𝙞𝙜𝙝𝙩 𝙖𝙘𝙩𝙪𝙖𝙡𝙡𝙮 𝙗𝙚. 

𝘞𝘩𝘪𝘭𝘦 𝘵𝘩𝘪𝘴 𝘵𝘰𝘰𝘭 𝘪𝘴 𝘨𝘰𝘰𝘥 𝘧𝘰𝘳 𝘮𝘢𝘬𝘪𝘯𝘨 𝘳𝘰𝘶𝘨𝘩 𝘦𝘴𝘵𝘪𝘮𝘢𝘵𝘦𝘴, 𝘺𝘰𝘶'𝘭𝘭 𝘯𝘦𝘦𝘥 𝘵𝘩𝘦 𝘬𝘯𝘰𝘸-𝘩𝘰𝘸 𝘰𝘧 𝘢𝘯 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦𝘥 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘭𝘪𝘬𝘦 𝘎𝘳𝘦𝘦𝘯𝘸𝘢𝘺 𝘛𝘦𝘢𝘮 𝘢𝘵 𝘎𝘳𝘦𝘦𝘯𝘸𝘢𝘺 𝘔𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘵𝘰 𝘨𝘦𝘵 𝘮𝘰𝘳𝘦 𝘢𝘤𝘤𝘶𝘳𝘢𝘵𝘦 𝘯𝘶𝘮𝘣𝘦𝘳𝘴.

*With a fixed-rate mortgage, the monthly principal and interest payments are fixed. Changes to your taxes and insurance costs may cause your monthly mortgage payment to increase or decrease each year.

**2022 Survey of Consumer Finances