Buying or renting, it appears to be a simple answer, of course you buy. NOT SO FAST, I will analyze this question given my experience as a mortgage broker.

BENEFITS OF OWNING YOUR HOME
-It allows you or your family to plant roots and grow within your community
-Once you have paid for the home, the home will be yours. This is a form of forced saving
-If your home increases in value you can use the equity to afford a nicer home, or find a more comfortable retirement
-When you retire, you may not have the income to keep paying rent
-Sometimes it can be cheaper to own rather than rent (as in today’s market with cheap rates)
-Generally speaking home prices have increased with inflation

POTENTIAL DOWNSIDES OF OWNING
-It is a big financial commitment
-If rates go higher, your payments will increase and this could cause hardship to your finances
-Owning a home includes maintenance coasts for example property taxes, roof or window replacements, and other potential household areas needing improvement
-Less mobility when you own a home. For example, if you want to move for work or personal reasons, selling and moving is far more extensive
-If you’re living with someone else and split up, the process of moving becomes that much more expensive and stressful

BENEFITS OF RENTING
-Renting represents mobility, which is a large advantage for many peoples lifestyles
-Renting comes with fewer responsibilities
-If something requires repair, it is usually the responsibility of the landlord to replace or repair what needs work
-Less costly for sprucing up the home
-Coming up with first and last months rent is a lot easier than coming up with a down payment