If you can not decide between buying and renting, there are 2 things to consider.

Since it will cost at least 2 to 3 times more to own a similar house in the same neighborhood, the first question to ask is whether you can realistically afford to buy a house than renting.

If the answer is yes, the second question is whether it is worth it to own it? The plus side of owning is enjoyment of the house and tax benefit. The down side is property maintenance and dealing with the fluctuation of the market value.

As a side note, if you planning on living in the house for a long time, it really does not matter how much the house is worth until you are actually selling it or doing a refinance.

I think it is a great idea to own a house. It is like saving money into your own house piggy bank. However, it is also very important to buy something that you can comfortably afford even if it means a townhome or a smaller house.