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According To A Recent Report By Trulia: 

“Buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” 
The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?​ 
Ralph McLaughlin, Trulia’s Chief Economist explains: 
 “Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”​ 
The article listed five reasons why owning a home makes financial sense:​    
 Source: KCM
Mortgage payments can be fixed while rents go up.
You can build wealth without paying capital gains & greater growth than renters.
Equity in your home can be a financial resource later.
A mortgage can act as a forced savings account.

​Bottom Line: ​Before you sign another lease, perhaps you should sit with a real estate professional in your area to better understand all your options.