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 Ask yourself some questions - rent v. buy  

First: Consider your time frame. Are you planning on staying in the area for an extended period of time? Do you plan on keeping the same job or is a job transfer or personal relocation a possibility in the next few years? Is there any risk that your company might be acquired or that you may lose your job?

Second: Is your credit score up to par? If your credit score is poor (300-599 range) do not even consider buying a home. Your score should be over 600 before you think about purchasing. If your credit score is low, you are considered a higher risk and therefore the interest rates that you will be charged will be higher and thus make homeownership more expensive. Be wary of lenders who promise a "good deal", for they probably aren't legit and you would be wise to avoid them.

Third: Once you have considered your income, savings and the anticipated expenses of owning a home, are there properties available in your area that meet your needs and the above criteria? If you have to settle for outside the immediate area, factor in the cost of your future job commute. After all is said and done, is owning a home a reality you should strive for? It is generally true that renting is less expensive than owning. During or after a boom period, some real estate markets are so high priced that renting does in fact become the best option.

Based on the consideration above, renting may turn out to be your best choice. For example, if you determine that your annual mortgage amount may be roughly 3 times the amount needed to rent in your area then buying may not be the correct decision.

One of the biggest reasons for owning a home is the tax benefits that a homeowner receives that a renter does not. Owners can realize large tax breaks for property taxes and tax deductions for mortgage interest. In reality, a home is like any other investment you make. Over time you hope it will appreciate and be worth more when you sell. Historically residential real estate has proven to be an asset which appreciates over the long term and has helped build individual wealth. Even in a slower buyers' market, owners who plan to stay in their homes for seven years or more should experience appreciation and be better off than renting for the same amount of time.

Using the above criteria, do your homework, consider your options, and make the best decision for your situation.