To buy or rent? That is the dilemma facing many potential homeowners today.  At times it seems that buying a home is more costly and time-demanding than renting a home.  However, if you can comfortably afford to do so, and you have plans to stay at your location for a while, buying a home has significant advantages.
     Financially, owning a home is often promoted as a better choice than renting.  Currently, there are significant federal and state tax breaks: homeowners can claim deductions for real estate property taxes and for the interest paid on their mortgage each year. In addition, long-term homeowners build equity both by paying down their mortgages and when their home appreciates in value.  Many savvy homebuyers increase their equity more quickly by buying homes that need cosmetic improvements (such as decorating or landscaping) rather than structural renovation.  These minor improvements can significantly increase the value of a home over a relatively short period of time with a modest investment.

Source: Idaho Housing & Finance Association