When is it better to own a property? When is it better to buy one?
The price you pay per month for a house you rent is about the same as the cost per month of a house you own. For any short term solution, renting is probably the better choice.
This is not the case for long term solutions, though. The main long term difference between renting and owning a property, is that the cost per month significantly drops after about 20 years, once you finished paying your mortgage.
Additionally, you have a lot less freedom with respect to what you are allowed to do with a property when you rent. Do you own pets? Do you want to tear down a wall? Do you want to add another room? In those cases, you better own than rent.
If you rent your place, there’s also the option that it changes owners. If the new owner is an asshole who’s difficult to work with, this can result in all kinds of trouble.
Or what if an owner decides to rent it to someone else? What if he wants his son or daughter to live in it? If you rent a property, it’s much more likely that you end up getting forced to leave a house you’ve lived in for 10+ years and became attached to.
Nevertheless, each of these arguments against owning a property only apply when you expect to live there for 5+ years or even 10+ years. Whether this is likely for you, probably depends on which part of the world you live in and what career you’re pursuing. Do you expect to relocate often? Do you expect to live in a different part of the workd in the forseeable future?
If this applies to you, you may be better off renting a place. For me and my girlfriend, however, relocation is not an option. We expect to live in our new home for at least 20 years. So for us, renting is not a sensible approach.