There are thousands of article about whether or not renting is better than buying and vice versa but there is one single point that can be made about buying versus renting that should be good enough to make the decision.
Buying hedges against inflation.
When you purchase a home, you purchase at a fixed rate (if you purchase wisely) and your payment never increases. Your deferred maintenance (things you have to do to the home over time) will be the only costs that move with inflation. The house payment will be protected from inflation.
Renters, on the other hand, are always paying the current market rate which is affected by inflation. When inflation occurs, rents go up, and they rarely come down.
A common argument to this may be that a renter doesn’t have to fix anything on the property. That may be true, but the cost of fixing those items, i.e., the deferred maintenance, is worked out by the landlord to fit into his long term wealth building plan by way of increased rent. So, you actually DO pay for it. It just doesn’t come in the form of a single bill from the A/C guy, or the plumber, etc.
That, my friends, is what an emergency fund is for.
Buying hedges against inflation and saves you thousands of dollars in the long run.