Many people think this question is a no brainer. Of course buying a property is better than renting one. But the harsh reality is that the majority of people these days, cannot purchase a home if they wanted to. Some are not even able to rent, because they do not have the means to pay the high rent that most landlords are asking for.

Deciding to rent or buy is totally up to the consumer. When deciding between the two, you want to figure what works best for you now, and what will work for you in the future. For example, you may have the money down, credit and income to be qualified to purchase, but do you have money put away for a rainy day? You want to be prepared if anything were to happen with your current financial/working situation.

If you are the type of person who like to move around a lot, a purchase is not idea for you. If you are this type of person, you would be better off renting. Renting is more of a short term, less expensive alternative. Although, if at the end of your lease you decide you want to leave, you walk away with nothing but an empty pocket. As opposed to owning a home, if you are able to sell, and have not gone into default on your mortgage, and you sell at the right time, you stand the chances of walking away with a potential profit or more money than you purchased the home for. Homes gain equity over time, where rentals do not. The only thing that increases over time, is the cost of your rent.

In today's economy, more and more people are being driven towards renting because they cannot afford or qualify to purchase a home. Unemployment rates are at an all time high, and banks just simply cannot afford to fund people for loans. Even though more and more people are being driven to rent, the rental market is still taking a beating. So many people are without jobs, that others in the family find themselves having to be to sole provider, in turn causing them to not be able to afford the rental rates.

I must say though, if you are in need of a place to live, and find yourself in a financial bind, renting would be the way to go. Landlords have so many vacancies during this time, that they are giving large discounts on their units, just so they don't lose more money by having the vacant for weeks or even months at a time. If you are in the market to rent, always negotiate with the landlord, and you will most likely be able to get some type of discount. A lot of landlords offer a months free rent, or free move in. Every little bit of savings helps.

In my opinion, for most people they will not have a hard time figuring out if renting or purchasing is the right avenue for them. Consult a professional today and see what they recommend for your situation. Always remember, everyone's situations are different.