The question facing couples, whether to rent or buy a home, is becoming more serious in an economy where people are becoming increasingly tight-fisted and penny-pinching.

Proponents of home buying point to prime reasons for buying a home, such as tax benefits, decreasing mortgage rates and the freedom to modify property..

"The up-side to having a home is having your own place," said Rafael Raeder, a 25-year-old Provo resident. "You don't have to worry about whether or not to renew a contract or look for a new place to live by the time school starts."

Renters, on the other hand, feel that renting is a better option for students trying to find a temporary place to live until they can afford more.

"Sometimes we need to decide if something is a need or a want," said Julene Cox, a junior majoring in political science. "Most of the time, buying a house when you're a young couple is more of a want."

Some may see renting as the prudent option for young married couples on tight budgets because it is a fixed amount, plus utilities. Often, the landlords handle maintenance and other responsibilities.

"Although you may not be building equity in a home, payments for rent will be cheaper than house payments," said Chris Chipman, a junior majoring in mechanical engineering.

Chipman said he thinks renting allows people to save money so they can later make a down payment on a home.

The downside? Lack of freedom.

Usually a couple will have to sign a six-month to one-year contract. If they want to move, they have to sell the contract to someone else, a potentially long and stressful process.

Also, any type of change to the residence usually requires landlord approval. Want to paint the kitchen or replace the countertops? Better get in touch with the landlord.

Chipman said these repairs can take longer than expected.

Buying a home also has its pros and cons.

Ownership often seems complicated and requires research, but it can be a possibility for most if they prepare properly and know their options, according to the U.S. Department of Housing and Urban Development's Web site.

Buying a home often requires a loan, or mortgage, on which the buyer makes monthly payments with interest. Most lending Web sites offer loans that can last up to 30 years, depending on the percentage that is paid on the monthly payments.

There is also the down payment, which is usually about 5 percent in today's market, according to statistics from the New York Times.

Whereas renting usually entails only rent and utilities payments, buying a home could include much more. Property taxes, home insurance and maintenance are all expenses that need to be considered when purchasing a home.

The result in Provo is that while most continue to rent, some are finding that buying can be just as beneficial.

"Being able to do what you want with the house is huge," Raeder said. He said home owners have the ability to paint, build or fix up a home whenever the homeowner wants as benefits to home ownership.

Some will buy the home to build equity. They will make improvements on the property, and then sell the home for more than they paid.

"It's definitely an investment for the future," said Jack Bryce, a junior majoring in engineering. "I think it's something everybody dreams of."

Copyright Brigham Young University 16 Jul 2008