Buying Vs Renting

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Buying vs renting is a great debate these days. The American dream is to buy and own a home. In a way that has changed for some people due to the economy.

There are many pros to buying a home such as in the end it belongs to you. You can make changes to the house such as the paint color, flooring and so on. It's yours to do with as you please.

There are cons as well though such as the enormous mortgage payments for many people and also having to pay for repairs.

The pros to renting are not having to pay for repairs or mow the lawn or any of that stuff. And these days you can find lots of places to rent that are cheaper than mortgage payments.

The cons are that typically you cannot make flooring changes and so on and you don't end up owning anything.

I have read that a lot of people have turned to renting over buying a home of their own because the mortgage payments and this economy have scared them off.