With the downturn in housing markets, people may wonder if they wouldn’t be better off going back to renting instead of buying a house.  Allow me to say, renting is never the prudent financial choice to make if you can help it.

Sure, you can rent an apartment for less than a house payment in most areas of the country.  But your money is going into someone else’s pockets who is getting the income, the tax breaks, and the slow building of a nest egg though equity.

For your $1000 rent a month, you could be making a mortgage payment with a guaranteed return on your money over time.  You could be writing off the interest on your taxes, and working towards house ownership, a comfortable place to be come retirement.

Prices are dropping with the market spiraling down.  Don’t let that discourage you from a house purchase.  Take advantage of the lower prices to get a bargain payment.  After all, renting is just as good an investment for you as flushing your money like toilet paper.