Swaglord wrote:
Dude simple stuff really.
Your currently monthly rent is building no equity for you. With a house you're building equity. Bad thing with a house is that you're locked into that area, even if you rent it out. Maintenance costs shouldn't be that expensive really either.
Really it comes down to how much you value flexibility. If you think you'll be in that area for at least 10 years, or if you have a large family or friend presence in the area, then it probably makes sense to buy something. If you won't want to get tied down there, then just rent. Pay someone to maintain your place. It'll still make more financial sense than renting.
A better option is called Rentvesting. Basically continue to rent and get an investment property in a property hotspot. Doesn’t have to be near where you live at all. Get a property manager to manage the tenants and build up equity for a while. Then you can either use that equity to invest into another property and continue to build a property portfolio or buy you own place.