Buying your own home seems like the fulfillment of the American dream, but as housing prices are increasing, we all know that dream will definitely cost you a hefty amount. According to an article on Economists’ Outlook, the median price of homes for a single-family home sold in August 2017 is $255,500, which is a 5.6% spike from last year. Many people would resort to renting, but is that move really cheaper than buying a house? 

Let’s first weigh the pros and cons of buying a house and renting one.

Take note that renting prices have also gone up and buying a house would generally be cheaper than renting in states belonging to the Northeast, South, and Midwest regions. But it’s good to remember that there are multiple factors to consider other than just price.