Many people ask if buying is right for them or renting. I usually tell those who ask to consider what they want in life.
1. Do you want to downsize and have no hassles of home maintenance? -- Rent
2. Retiring and don't want to have your children deal with the sale of your home or have no one to leave it to? -- Rent
3. Do you have credit to buy or the money for a down payment and closing costs? If yes, BUY!
4. Planning on starting a family and will need space and a yard for the kids? - Buy
In today's market, prices are escalating for rent almost to the point of a mortgage payment!!! If you have the credit and money for the closing costs, then it makes sense to buy instead of rent. Why? Because when you want to or need to move, you get that money back - it's called equity due to the appreciation of your home value. When you move from an apartment you don't get anything back but your deposit (sometimes).
The benefits of owning a home far outway the cost of owning a home. Think of the tax breaks at the end of the year. The appreciation in value when you sell. As long as you take good care of your home, home ownership is the way to go!