Should you buy a home or keep renting? Across the nation, people of all ages struggle with these questions. When it comes to buying versus renting, multiple costs must be compared and considered. The three types of costs that should be compared when considering whether to buy or rent are the money needed upfront, the ongoing or recurring costs, and random expenses that come up.
Home Buying: Upfront Costs
The most obvious upfront cost when buying a home is the down payment. Bankrate reports that on average, mortgage lenders require at least a down payment of 3 percent of the home's price. However, "FHA loans (mortgages insured by the Federal Housing Administration) require a down payment of at least 3.5 percent."
Before home shopping, it's…