You've heard it over and over - it is better to buy property than to rent property. This for two large reasons:
- You will be building equity rather than putting money into nothing tangible and
- In order to encourage Americans to be homeowners, the government has made the interest that you pay on your mortgage tax-deductible.
However, the costs associated with owning a home certainly are not cheap and you may not even be in a position to buy something as nice as you could rent at the moment.