If you’re looking for a new place to live, you’ve probably heard people say buying is better than renting. It sounds simple, but it’s not.

The right choice depends on your situation, your budget and how long you plan to stay.

Before scrolling through home listings, think about whether you can afford to buy and whether buying makes sense for you.

A down payment and mortgage are only part of the picture. You’ll face closing costs, insurance, taxes, repairs and the ongoing chores that come with owning a place.

Another big factor is time. Buying usually works best when you expect to stay put for at least a few years, because that gives you time to build equity.

On the other hand, renting can offer flexibility and fewer responsibilities.

In the end, the better choice is the one that fits your life and your long term goals.

This content was provided by Edward Jones for use by Lee Van Pelt, your Edward Jones financial advisor at (541) 756-0854 edwardjones.com/lee-vanpelt. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

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