Whether you should rent or buy your own home is a big decision. More Americans are renting now than they were in 1965, but there are advantages and disadvantages to both options. The costs associated with each option vary widely, depending on the local housing market. Bankrate's rent vs. buy calculator can help you break down the costs of each option. It can also help you decide if a home is right for you based on your needs.Renting is cheaper, but you won't build equity. Renting is also riskier, as you'll have to make your payments for decades. You'll have to be disciplined in saving and investing, and you'll never know when you'll need to move. Even if you are relocating, renting is often cheaper than buying. If you're only planning to stay in the same place for a short period of time, renting might be the best option.Purchasing a home is a significant investment and should be carefully considered. The decision can be financially beneficial or a lifestyle choice. You should avoid acting impulsively, as it's never a smart move in real estate. Purchasing a home may be a good option for people who want to make changes to their lives. Renting can help you save money for other expenses. You can always buy a home later on if you're ready to move, but you can always rent while you're deciding on which option to take.