Rent. It has literally become a four-letter word and a major factor in homeownership decisions across the Bay State these days. A new report by the National Low Income Housing Coalition has uncovered that Massachusetts small towns and suburbs are the most expensive in the countryfor renters.
There are many valid reasons to rent. For example if you won't be in an area for long, if you're saving for a down payment, or if you need to be able to move quickly. It can also make sense to rent when home values are falling.
But it is wise to buy when home values are on the upswing (like now), then the home you purchase will likely increase in value and build equity long-term. So while the monetary aspect of rent vs. buy is pretty clear, don't forget that the personal and financial aspects are equally as important to consider in your decision.