Mortgage loans, a review of the facts
Beyond the purchase price, you will need to pay for insurance, maintenance and property taxes. If you rent, it would be wise to have insurance for your things, but it will be a lot less than insuring a house. Renters do not pay property tax and usually do not cover maintenance costs. If you compare those expenses, you will pay more as a homeowner. But, as a homeowner, you would own the home and build equity.