Buying a home is a huge part of the American Dream. Choosing to buy or rent, though, is a major decision that affects your financial health, lifestyle, and personal goals.

Whichever option you choose depends entirely on your lifestyle and financial situation. Both require a regular income (so you can afford the payments and associated costs) and may also require a certain degree of effort to maintain. But there are several differences that make renting and owning property distinctly different. Renting a property doesn't come with all the responsibilities associated with homeownership and you have more flexibility, as you aren't necessarily tied down to your property. Owning your home gives you a sizeable investment, but it does come at a big cost—both upfront and over the long run. Owning a home isn’t always better than renting, and renting is not always as simple as it seems. Please click on the button below to read full article.

Credit: This is a snippet of an article written By CHRISTINA MAJASKI Updated July 30, 2022 Reviewed by LEA D. URADU Fact checked by KIRSTEN ROHRS SCHMITT from Investopidia.