Home ownership is a big responsibility — likely the most expensive purchase most of us will ever make. Consider your situation before deciding whether it's best to rent or buy.

Why buy instead of rent?

  • Your monthly payments build equity and lead toward home ownership.
  • With a fixed-rate mortgage, your monthly principal and interest payments will remain the same for the life of your loan.
  • Your mortgage interest may be tax-deductible. (Property taxes and mortgage points may also be deductible; consult your tax advisor.*)1
  • If your home increases in value, you could make a profit when you sell.
  • A home could be passed on to children or other family members.
  • Equity built through home ownership can be used to finance educational expenses, home-improvement projects, small-business startup costs or other needs.
  • You can usually/typically make changes or improvements at will.
  • A landlord can't decide to sell your house and force you to move.

Prequalification helps you see how much you might be able to borrow.

Why rent instead of buy?

  • Monthly payments may be lower than mortgage payments. Use our rent vs. buy calculator to determine what your mortgage payments may be.
  • Compared with a mortgage, a lease is a shorter-term commitment.
  • Someone else typically performs (and pays for) repairs.
  • Rent payments may cover appliances, furniture, utilities and even cable/internet.
  • No down payment or loan closing costs are required to start renting.
  • It's easier to sign a lease than to get approved for a mortgage.
  • There's no investment risk if the housing market changes.
  • You may be able to avoid home insurance premiums or association fees.

Take the next step.

An experienced mortgage loan officer is just a phone call or email away, with answers for just about any home-buying question.

Related topics

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Read about saving for a down payment.

What is down payment assistance?

Get a glimpse into how down payment assistance programs work.

Connect with us to start your home-buying journey.

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U.S. Bancorp Investments and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Visit usbank.com to learn more about U.S. Bank products and services. Mortgage, home equity and credit products offered by U.S. Bank National Association and subject to credit approval. Deposit products offered by U.S. Bank National Association. Member FDIC.