Advantages and disadvantages of renting a house?

Answer 1

Upsides of renting:

You can move anytime you like (aside from the lease requirements for a year or 2)

You are normally not responsible for any maintenance

You don't pay property taxes.

Upsides of owning:

You get a tax credit for interest and taxes

You can modify and do what you want to your home (within reason)

After you pay it off, it's yours

Downsides of renting:

There are payments forever

Allowable modifications are normally minimal

Downsides of owning:

It costs a lot more up front