There's no one-size-fits-all answer, but for many people, renting an apartment in Lynchburg, VA makes more sense these days than buying. For some people, the choice is very clear: Buying a home can be more costly, given the cost of the purchase itself, plus taxes and insurance, plus maintenance and repairs. If buying the kind of home you want would be tough on you financially -- or impossible -- then rent. Renting is also sensible if you don't expect to be in the home for too long. If you think you might be selling the home within a few years, you stand a good chance of losing money on the deal, because of the closing costs, the possible drop in the value of your home, and the money that you put into setting up the house the way you want it and then spiffing it up later to be shown and sold.
Where you plan to buy should also factor into your decision, as buying makes more sense in some regions, while renting does in others. The real estate research firm RealtyTrac compiles data on such things across 285 major counties, and it most recently found that buying was more cost effective than renting in many of them, but that leaves many counties where renting is best.
The Beracha, Hardin & Johnson Buy vs. Rent Index, produced by researchers at Florida Atlantic University and Florida International University, also favors renting for many people: "According to the latest BH&J Index, as of the end of the first quarter of 2015, the housing market in the U.S. and all cities in the index are trending either closer to renting being the superior option or strictly favoring renting over purchasing a home."
Your mileage may vary, so think about your particular situation, your financial health and goals, as you decide whether to rent or buy.
Excerpt - Motley Fool