There is an age-old debate on whether or not it makes more sense for people to rent or buy. Though it is hard to really understand why there is a debate at all. You will definitely hear arguments from both camps that appear logical but if you do a little digging you may find that some of the arguments are thin at best.
The simple fact of the matter is you are always better off making a mortgage payment over a rent payment if you can afford to do so. It is not uncommon for mortgage payments to actually be lower than many rent payments are. So the key is to understand an important, fundamental difference between making a rent payment and making a mortgage payment.
Rent payments are made on a monthly basis for the most part. That money gives you the right to live in the house or apartment for the specified period of time, typically one month. You receive no other tangible benefits from that rent payment. It does not improve your credit score, it does not produce equity, it simply gives you the ability to live in the residence.
A mortgage payment, first and foremost, also gives you the ability to remain in the residence, however, it does much more than just...
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