Compare the monetary advantages and disadvantages of owning a home. Interpret an amortization table. Describe the legal characteristics of a lease. Everyone wants a nice place to live. Where people live and the kind of place they live in are determined largely by their earnings, their preferences about privacy, and their need for space.
Some people prefer to rent while others want to own the place they live in.
The decision to rent or buy depends on a number of things. If you rent, you receive nothing in return for your money except a place to live. When you buy, you are making an investment because some of the money you pay out will be returned to you when you sell your house. When you rent a house or an apartment, you have no risk or obligations to worry about. The owner will take care of major repairs and the upkeep.