Should I Rent or Buy a Home?

The decision to buy or rent a home in Wichita Falls depends on several factors. Each person’s situation is different, but here are a few factors that can help you make a decision.

1. Length of Stay

How long do you expect to live in Wichita Falls? Are there any career uncertainties? Buy a home if you are going to be here for at least 4 years; if not make sure it is in a good area where it can be sold quickly. If you are unsure of your future plans, renting may be a better option since it has more flexibility to relocate.

2. Finances

Buying a home includes large upfront costs? Do you have the funds available to purchase a home?  Carefully evaluate your current financial situation and your expectations of future earning from your job. Remember when purchasing a home, there are also additional costs to consider such as  insurance payments and taxes.

3. Location

If you are not familiar with the Wichita Falls area, renting gives you the flexibility to determine whether or not you like a particular area. Additionally renting may afford you the opportunity to live an area where you may not be able to buy into.

Here are some advantages and disadvantages of renting and buying a home.





Build credit

Build equity

No maintenance costs

More freedom to remodel

Flexibility to relocate

Tax deductions

Lower upfront costs

Fixed mortgage payments

Lower insurance costs

Pride of ownership



No tax benefits

Pay property taxes

No freedom to remodel

Responsible for all maintenance

Possible rent increases

Substantial upfront costs

No return on investment

Long term commitment

Less flexibility to relocate