The overall cost of homeownership tends to be higher than renting even if your mortgage payment is lower than the rent.

Buying a house is a huge part of any person’s dreams. 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…

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