There are many people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage - either yours or your landlord’s.
Purchasing a home is an investment, the monthly payments you make go towards growing your personal equity. While you make those payments (depending on your local real estate market and any improvements you make on the home) the appreciation of your home steadily climbs. Most homes increase in value over time, giving you a profit on your home purchase when you are ready to sell.
Some costs are lower when you rent, such as initial payments and overall insurance payments. However, the monthly payments you make won't see a return on investment and aren't going towards building equity.
Additionally, when you rent you don’t have control over the property. If you want to nail something into the wall or put a grill on your patio, you have to ask the landlord first. Some apartment complexes and rental houses don’t allow pets either. Paper thin walls force you to deal with the yelling from your neighbors, the home workouts from the guy upstairs, or yelling of toddlers next door.
Although buying is typically the better investment, it’s important you speak with a mortgage loan advisor to help analyze whether buying a home fiscally makes sense. GSF Mortgage Corporation will generate a comparison report on renting vs buying specific to your finances.