Is Owning A Home Better Than Renting?
When you are saving to move out it may seem like renting is a good way of getting out of your parents house and moving into your own, but Private renters could expect to pay an average of £451,600 in the next 30 years when homeowners with a 25-year repayment mortgage, who would pay £317,900 if interest rates remain at current levels according to the intermediary mortgage. This means if you own a home over the next 30 years you would save £133,700 which is a huge sum of money. Even though saving up for a deposit is a massive hurdle once you are over it you will be set up for life in a home of your dreams.
The anwser to your question is yes owning a home is better than renting you will pay less over a period of time.