"Deciding Between Renting and Buying in Today's Real Estate Market"

Choosing between renting and buying a home has become more complicated due to surging mortgage rates, record rents and home prices, a potential economic downturn, and other lifestyle considerations. On average, renting is often cheaper than buying, but it depends on individual circumstances. The decision should be based on the monthly payment that includes principal, interest, insurance, and property taxes. Buying a home is part of the American Dream, and 74% of respondents in a 2022 Bankrate survey ranked it as the highest gauge of prosperity.