According to data compiled by Realtor.com in the fourth quarter of 2019, it is still more affordable overall to rent versus buy a home — but just barely. The median monthly mortgage payment at the end of 2019 was $1,600, while the median monthly rent payment was $1,319. This is largely due to steadily-increasing rates, rising home prices, and near-record-low mortgage rates.
There are two times when it is best to buy a home. When you have to buy one and when you can afford to buy one. In general, owning a home is better than renting one because you are building up equity for yourself, instead of throwing your money away by helping the landlord buy the property with your rent money.