Advantages of Buying
Buying a home builds equity through mortgage payments.
You are provided with more freedom to renovate your home and live how you want.
You obtain the option to live within your purchased home or become a landlord and rent it out.
Owning a home can provide you with a more stable lifestyle, you can stay in one home for a long time.
Disadvantages of Buying
Owning a home means to own an illiquid asset, making it harder to sell or liquidate.
There are more expenses and responsibilities associated with owning a home.
Expenses include: property taxes, HOA fees, and house maintenance (pest and fungus control, plumbing, electrical, and landscaping care)
Advantages of Renting
When you rent a house you are not required to pay a house downpayment.
The fees associated with renting are lower than buying.
This includes utilities, maintenance, and insurance.
With the money being saved you can join more investment opportunities or pay off previous debts.
There are many rent to own agreements available.
When you rent a home you are not building equity, the money being spent is not holding future value.
There are no tax benefits when renting.
You may not be able to live as freely as you wish due to landlord rules, example: no pets allowed rule.
Keep this in mind when deciding what best suits your lifestyle and goals.