According to studies, in 91% of analysed cases affording a sufficient down paymemt, buying a home is more financially beneficial than renting. One can pay the mortgage instalments instead of the monthly rents and eventually become a homeowner. In 91% of cases studied, the net cost of ownership is lower than the cost of renting is $769/mo.
In 9% of scenarios, concentrated in luxury homes inexpensve neighbourhood pockets, renting was more beneficial with a monthly saving of $245.2
In addition to the financial advantages, owning a property allows more freedom and stability than renting:
No worries about hiking rents
No force to move.
Even with an increased interest rate of 3.62, homeownership is expected to remain more affordable than renting in most situations. If there is no growth in values, ownership would result in a positive rate of return on investment in a majority of cases.
Other scenarios in which values rise, show increasingly attractive rates of return.