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Your Bank > Education and Advice > CNB University

Buying vs. Renting

C Spaker
Christopher R. Spaker, AMP is President, CNB Mortgage Company and can be reached at or 585-385-2370 x50955.
Is it better to own your own home or rent?  The answer depends on many factors.  What’s best today may change if the circumstances of your day-to-day life change.  Here are a few points you should consider if you’re weighing the options of buying versus renting.

Your Future Plans

If you’ve recently graduated from college, ended a marriage, or retired, you’re probably in a transitional period of your life.  You may be better off renting if you’re not sure of your long-term plans.  If you buy a home and go to sell it soon afterward, the costs of buying and selling a home (real estate commissions, closing costs, etc.), will not be averaged out as they normally would be over a longer period of time.

If you know you’re going to be living in a certain area and plan on staying in the same home for a long time, then buying may make financial sense.  Over the long term, in a rising real estate market, the tax savings associated with home ownership and the equity you build in a home can be significant.  Plus, you’ll be able to decorate, remodel, and landscape as you please.

The Housing Market

After many years of rising home prices, the housing market has experienced significant declines in many areas of the country.  Like any other investment, the value of your home may increase or decrease over time.  To find out if it makes financial sense to rent rather than own, compare the cost of renting versus buying a home in your area.  Keep in mind that timing the housing market (waiting to buy when house prices are at their lowest) may be just as difficult as timing the investment market.