This is a decision that is not as easy to make as it may sound.
As a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. In contrast, while renting over the same period of time leaves no property investment, renting may provide lower living expenses and the opportunity to invest in other opportunities.
In the owning vs renting decision it is important to add up all of the figures, including the cost of your home, the size of your down payment, utilities, immediate repairs, interest rates and insurance, and compare them with how much you are currently spending on rent.
Of course, you also have to place a value on the enjoyment and satisfaction that you will derive from owning your own home.