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For some people buying is not an option.  For example, if you live in a city like New York – real estate can be scarce.  But if you’re part of the majority who live in areas where housing is available and relatively affordable, buying a home is definitely a better financial choice than renting.  Here are the top five reasons for why buying is almost always better than renting.

1. You don’t get money back out.  While renting may often seem cheaper than a mortgage, you can sell your home in the end and get what you paid back.  You might argue that homeowners don’t get the taxes and interest they pay back out, but both of those are tax deductible, so it’s not as much as you think.

2. You can’t decorate or change an apartment.  With most places you rent – the customization is limited.  If you decide to paint – you’ll most likely have to change the wall color back when you move, and holes drilled will often have to be filled before you leave.  Either way you are limited as to what changes you can actually make to your home.

3. If you don’t like something about your home – you can’t change it.  With owning your home, you can add that deck you want, or invest in an upgraded kitchen or bathroom.  Regardless of what you need to be more comfortable – everything is changeable because it’s yours.  You also want to make more home improvements because your house is an investment, and making it exactly the way you want it is not only more comfortable – but something you can take pride in.

4. Your rent will go up with inflation.  Think back, is rent the same price today as it was 30 years ago? Probably not.  However your mortgage will stay the same for the life of the loan if you get a 30-year fixed.  So while a mortgage might seem expensive now, just think about how much you’re saving in the years to come.

5. You won’t have anything to give to the children.  Think about it, in your retired days – wouldn’t it be nice to not pay rent?  And after you’re gone, isn’t it nice to leave something for your children?  And if you don’t have children, you can always get a reverse mortgage and live off the equity in your home and never have to worry about paying it back for as long as you live.

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