Rent or buy: how to decide

Buying tends to win when you will stay put for at least five years, your income is steady, and you have savings left after the down payment. Ownership builds equity and lets you change the place to suit you. Renting tends to win when you value flexibility, expect to move, or would rather not tie up cash and take on maintenance. Renters trade equity for lower upfront costs and someone else fixing the roof. Run the numbers for your own situation: total monthly cost of each option, how long until buying breaks even, and what you would do with the difference.