9 Reasons to Buy a House Rather than Rent

Deciding to buy a home is a major decision. For those of us who currently rent an apartment or house, there’s an important question to answer: “Will the benefits of owning a home outweigh my reasons for renting?”

Let’s look at nine reasons why it might be time to say “goodbye” to your rental and open the door to a home of your own.

1. It can be less expensive to buy.

Many people assume automatically that renting is the more affordable housing solution. In the past, that was often the case. Now? There are many factors to consider.

Depending upon where you live, there still may be some truth to that assumption — especially if you are in a densely populated area experiencing an influx of new residents. Alongside rising inflation and property prices, rent has increased dramatically across the board. Over the last decade, rental rates nationwide increased by 31%. And 41% of renters spend greater than 35% of their income on rent.

Meanwhile, as rents have gone up, our work lives have changed dramatically. More than ever, people have the flexibility to work remotely or on a hybrid schedule. This allows homebuyers to cast a wider net for dwellings. With that greater geographic freedom also comes the chance to weigh the merits of homeownership in communities near major metro areas with more affordable options than downtown areas.

In other words, whether it’s more affordable to buy or rent depends a great deal upon the local real estate market, your occupation and how flexible you can be about your location. Still, in many instances, it may be less expensive to buy than rent.

2. Buying a home can increase financial stability.

Homeownership can offer stability for you and your family. No longer having to worry about rent fluctuations or relocation expenses can be a big load off your shoulders.

As your housing costs stabilize, you can begin saving more money for:

  • Retirement
  • A vehicle (and vehicle maintenance)
  • Travel
  • New furniture or enhancements to your home or yard
  • College funds for your children
  • Medical needs
  • Emergencies
  • Life’s little “surprises”

You’ll also give up wondering when the next rent hike will hit — or if your landlord will decide not to renew your lease.

As a homeowner, you won’t need to worry about locating a new place to live, scheduling movers and making time to relocate. You can stay for as long as you wish — it’s up to you whether you want to move out at any time, sell the home or even rent it.

3. Homeownership can increase your social ties (and foster childhood well-being).

Sometimes it can be hard to feel like part of the community when you rent a home. However, when you own your house, you have a chance to become part of the community and form strong social ties.

Plus, if you have (or plan to have) children, they likely will benefit from the stability of homeownership, too.

According to the Urban Institute, researchers have found that a stable home is important for a child’s academic achievement. Frequent moves can affect how a child performs academically because moving often means changing schools as well. A child who remains in his or her school receives more consistent instruction, experiences fewer absences and can develop close friendships.

4. Rental costs may be more apt to rise than a mortgage.

There’s no such thing as a 30-year lease that locks in your rental payment. Depending upon your lease agreement, rent payments can go up from year to year. (In fact, the average rent in Austin reportedly increased 48.4% in one year.)

By contrast, rising home prices need not affect a homeowner’s mortgage bill. With a fixed-rate mortgage, your monthly payments will only increase if the property taxes or property insurance costs increase. As the name implies, the combined principal and the interest portion of the mortgage payment remain stationary.

Of course, rising housing prices can be a good thing for homeowners because they increase the home’s worth and the owner’s equity. In fact, the longer you live in one home, the greater opportunity you may have to grow equity.

5. Homeownership may reduce your tax burden.

When comparing buying a house versus renting, taxes are a key difference. For starters, you won’t receive tax breaks just for renting a dwelling.

If you buy a house, however, you may be eligible for one of the tax breaks that the IRS offers homeowners, including:

  • Mortgage interest payments
  • Property taxes
  • Mortgage points
  • Energy-efficient home improvements

Plus, if you opt to rent the property later, you may become eligible for other deductions.

6. Owning a home is an investment.

In exchange for their monthly payments, renters get a place to live. Yet they receive little else in return.

Paying rent gives your money to the property owner. But, by owning a house, you may build equity. Every time you make a mortgage payment, you add to your home’s value. Later, you may be able to tap into that equity if you need to access cash.

Are you a first-time homebuyer? You could regard this purchase as an investment, a property that you might rent to others later. Or, if you’re single or have enough space, you might be able to rent a room to a long-term tenant or seasonally through a vacation rental company.

Along with building equity, most homes increase in value over time. That means you may be able to net a nice profit when you’re ready to sell five, 10 or 15 years down the road.

7. Increase your privacy.

You can’t expect much privacy when you rent. Landlords can make scheduled appointments to inspect your property, and they (or someone they hire) may show up to make repairs at inconvenient times. But you don’t have to give anyone access to your house when you own it. It’s yours — you can enjoy as much privacy as you want.

8. Your house? Your rules.

There are rules to abide by in your lease agreement with the landlord. For example, the landlord may not allow you to have pets. So, if you decide you want to get a pet in the future, you may need to look for another dwelling.

Why not find a home — and a yard — where you (and Fido) call the shots?

9. Homeownership brings creative freedom.

Wouldn’t it be great to have a home where all the decisions made are yours? That’s hard to do in a rental unit that looks the same as all the others — and where rules dictate what you can and can’t do.

Nothing compares to the pride of owning your own house, a place where you can:

  • Paint the walls
  • Hang up whatever pictures you want, wherever you want
  • Add landscaping or put in a vegetable garden
  • Build your dream man cave, she shed, craft room or kitchen
  • Add a doghouse or kitty condo to make your furry family feel comfortable, too

When you own a house, you can create the home you’ve always wanted. Say goodbye to landlords or leasing companies who are unresponsive or who refuse to improve rental living conditions.

Sound good?

Let’s make your homeownership dreams happen

Once you’re ready to buy a home, finding the right financing is key to making it all work out in your favor. Domain Mortgage, an affiliate of RBFCU, can help you by clearly showing you all the mortgage options available to you and helping you decide which one works for your situation.

Our knowledgeable lending team understands the mortgage market and can explain the specifics of all our loan products, including FHA, VA and Conventional loans. Plus, if you’re concerned about a low credit score but also earn a good, steady wage and have a low debt-to-income (DTI) ratio, then a good lender may be able to help you find solutions for that, too.

Curious to learn more about how you can become a homeowner and leave renting behind? We’re happy to help you explore mortgage loan possibilities. Contact Domain Mortgage today at 1-833-552-7759 or visit www.domainmortgage.com.

Information in this article is general in nature and for your consideration, not as financial advice. Please contact your own financial professionals regarding your specific needs before taking any action based upon this information.


Kagan, J. (2007, June 4). Fixed-rate mortgage: How it works, types, vs. Adjustable rate. Investopedia. https://www.investopedia.com/terms/f/fixed-rate_mortgage.asp

Loftin, M. (2021). Urban.org. https://www.urban.org/sites/default/files/publication/104214/homeownership-is-affordable-housing.pdf

Renting statistics. (2020, January 16). ipropertymanagement.com. https://ipropertymanagement.com/research/renting-statistics

Tips on rental real estate income, deductions and recordkeeping. (n.d.). Irs.gov. Retrieved March 21, 2023, from https://www.irs.gov/businesses/small-businesses-self-employed/tips-on-rental-real-estate-income-deductions-and-recordkeeping

What is a home equity loan? (n.d.). Consumer Financial Protection Bureau. Retrieved March 17, 2023, from https://www.consumerfinance.gov/ask-cfpb/what-is-a-home-equity-loan-en-106/


RB Mortgage LLC dba Domain Mortgage (NMLS# 862516) is principally owned by RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). NMLS# 583215. All loans are subject to credit approval. Rates and terms subject to change without notice. RBFCU mortgage loans are available only on property in Texas. 1 IKEA-RBFCU Parkway, Live Oak, Texas 78233.