New statistics released in July of 2017 show rental rates on homes and apartments rising faster than sale prices on homes. In many areas, it is much cheaper to own a home than rent one. Interest rates are very low. 3.25% to 4% for 15 or 30 year loans respectively. You can get a lot more home for the money when you buy plus a big tax refund at the end of the year. Mortgage interest and insurance is tax deductible. Rent is not deductible at all. The main advantage of course is that you OWN your place of residence.