Renting a home can be more affordable than buying in the short term as renters do not have to pay property taxes, maintenance costs, or face uncertainty in housing prices. However, over the long run, buying a home can build equity for owners as their mortgage payments go towards owning an asset rather than disappearing into rental payments. The break-even point where total ownership costs equal total rental costs varies in different housing markets but is typically around 5-10 years of living in the same home.