Is it better to rent or buy a home?

There is no one magic answer. It depends on your current financial situation. While the market should be a consideration, it’s very hard to time a real estate transaction. If you want to put down roots, build equity and commit to a community for many years, the right time to buy is when you have saved for a down payment and have your financial ducks in order. In every community, no matter the time of year or type of market, there are always buyers and sellers. Life happens, people change jobs, get divorced, get married, have children and move home. Life events result in real estate transactions. What’s most important is to buy the right home, at the right price in your given market. Zillow has a great resource called the breakeven horizon, which looks at costs of a purchase and the time it would take to make your money back on a home you purchase vs. having rented the same home. The shorter the horizon timeframe the better.