The age-old debate over the relative merits of renting or buying a home rages on. In fact, it’s doubtful that a definitive settlement is on the horizon. There are simply too many variables at play, and too many unique factors affecting individual homeowners’ situations, to make a blanket judgment on the matter.
But one thing is for sure: renting and homeownership both come with their fair share of costs. Even if it makes more financial sense for you and your family, you surely know that owning a home isn’t cheap. The U.S. Census Bureau reported that the average household pays $2,127 in real estate taxes, while the Bureau of Labor Statistics reported that the average homeowner paid $4,808 in mortgage principal and interest in 2013.