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Buying a home is better than renting.
The truth is it just depends on how long you plan to live in one place.
“We hit a certain age and we feel like buying a home is the signifier of success or the accomplishment that we need to reach,” Ferrero said. “If you’re not planning on living in that home for five to seven years, it might actually not be financially beneficial to buy.”
Make sure you factor in all the costs you will need to pay to buy and own a home.
“When you’re buying a home, you have those upfront costs of taking care of the closing fees and potentially renovations to be in the space, your taxes,” said Ferrero. “All of those things can be larger upfront costs than just renting. If you’re not going to be in it for a certain amount of time, you might not build enough equity in the home to actually come out financially head versus renting.”