The question of renting versus owning is an old one. There are many factors that influence whether an individual may want to own or rent. Generally, people should own because then they can experience pride and satisfaction. Also, there are tax advantages for home owners that renters do not enjoy.
Finally, the homeowner can benefit off the concept of price appreciation. Price appreciation just means that even taking into account market fluctuations, the value of the home is generally going to go up over time.
Some older people look forward to the delight of leaving their home to their grandchildren when they pass away, something that can never be done as a renter.
