Prices are surging in both cases, which makes it complicated
Even with rising home prices, low interest rates have made it marginally more profitable to own than rent. (Since all real estate is hyper-local, that will be more or less true in your exact location.)
However, as interest rates begin to rise, the gap will shrink even further, and it may be a financial toss-up whether you buy or rent. Your choice may depend on other factors, such as: How long you’ll live there, how much down payment you can make, level of desire to own vs flexibility to move, use of the property, potential for sweat equity, external factors like a new business center going in nearby…which might tighten the rental market, and more.
It’s not a one-size fits all equation. My advice is to compare what you get by renting and what you get by owning. Let’s look at where and how you can own, just to see if there’s an option that makes financial sense. Call me to ask about the real estate market today. .