I came across this post a few weeks ago on reasons why it’s better to rent than to buy. In a nutshell, rent instead of buying if:
(1) You move often (i.e. less than every five years)
(2) You want money to invest in something else, or won’t have money to invest in anything else (i.e. don’t tie up all of your net worth in one asset)
(3) You live in a market where real estate is extremely expensive
(4) You don’t want to be responsible for major repairs or maintenance
(5) You live in a market where rent increases are heavily regulated
All of these points are valid, and are among the considerations you should definitely make before you think about calling up a realtor or mortgage broker. Buying a home is a major purchase, and while there are definite pros to doing so, it is a decision that absolutely must be informed.