The views expressed in Economy Matters are not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System.
Editor's note: Throughout Economy Matters, "Southeast" refers to the six states that, in whole or in part, make up the Sixth Federal Reserve District: Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee.
Financial Tips from the Atlanta Fed: Renting versus Buying a Home
Trying to decide whether to rent or buy? Here are tips you should consider before making that housing decision.
- Determine the various related costs such as insurance, maintenance fees, deposits, and down payments.
- Consider how each option can affect your budget and future goals.
- Understand how your credit history may affect your home loan options and cost of borrowing.
- Use a financial calculator to consider the various scenarios for renting versus buying a home.
Since choices related to renting and buying a home are major financial decisions, take a more in-depth look into renting versus buying to determine which option is best for you.