Should you rent or buy?
“Pour yourself a cup and join me for a quick read. "Choosing to rent or buy a home should reflect your current lifestyle. For those who travel extensively or prefer to avoid the time-consuming upkeep of a house, renting offers essential flexibility and eliminates the burden of maintenance.
Despite this, buying remains the preferred choice for many due to the long-term stability and equity it provides. In 2026, home ownership continues to be one of the most rewarding investments as national property prices are projected to rise between 1% and 4% over the course of the year. Because of this home owners are able to build significant wealth that renting does not allow.
With that being said, It has been difficult for some people to get approved for a home loan primarily due to credit issues, a high debt-to-income ratio, and the challenges posed by high home prices and interest rates. But, it’s not impossible. There are several mortgage programs that offer approval with a credit score of 580, though terms and down payment requirements vary. While a 580 score is often a minimum threshold, individual lenders may still have stricter requirements.
Renting still remains a strategic financial choice for many Americans due to high market volatility and the significant costs of home maintenance. Just remember when you are renting you are paying someone else’s mortgage. Here are the not so great things about renting.
Landlords may decline lease renewals and sell the property. This can cause a stressful and unexpected moving transition.
Rent payments offer no contribution toward building home equity, a major long-term financial advantage of ownership.
Landlords will always have their own rules. No above ground swimming pools, fire pits, Rental rules often prohibit permanent changes, such as painting, making it challenging to truly make the space your own.
Because of high property cost, taxes and maintenance it is very common for rental properties to increase their monthly rate every year.
Buying a home is a strategic process that requires a 6-to-12-month preparation period to solidify your financial standing and sometimes it can take longer. During this time, you should determine your needs from wants, save for a significant down payment, and speak with a mortgage lender to secure a mortgage pre-approval. Begin working with a trusted real estate agent and accounting for long-term costs—such as taxes, insurance, and maintenance. You’ll ensure that your investment supports your financial stability and transforms a dream into a sustainable asset. Buying a home can be a stressful process but once you receive your keys it will be well worth it!
