For most people, a home is the most expensive personal asset that they will ever own. It is therefore very important that one looks at the choice of rent vs buy from every angle before deciding between the two.
Current Housing Market, Compare the Cost and the Low Interest Rates.
The current market is favoring buyers with interest rates and ARP that are still very low. Over the past six months, the housing market has been bouncing back with home prices and values rising in most metropolitan areas. A rise in demand is always followed by a rise in prices. Interest rates so far holding steady as lenders encourage buyers to come out and play in the reviving housing market but they may start rising as the market regains its previous vibrancy.
The advantages of owning a house as opposed to renting are clear. With the current market that favors buyers, it is time to get off the fence to live within the fencing of your own home.