Should You Rent or Buy? 6 Questions to Help You Decide

Deciding whether to rent or buy a home is a big decision—one that impacts your finances, lifestyle, and long-term goals. Renting can seem like the easier option, but buying a home offers financial and personal benefits that renting simply can’t match. If you’re wondering whether now is the right time to make the move to homeownership, ask yourself these six important questions.

1. How long do I plan to stay in one place?

If you expect to move within a year or two, renting might make sense. But if you plan to stay in Bakersfield or Kern County for at least a few years, buying a home could be the better financial choice.

• When you rent, your payments go to a landlord. When you buy, you’re investing in your own property and building equity.
• Homes in Bakersfield have historically appreciated over time, meaning the home you buy today could be worth significantly more in the future.
• Moving frequently can be costly. Buying a home allows you to settle in and avoid unpredictable rent increases.

2. Am I tired of rising rent prices?

Rent prices in Bakersfield and Kern County continue to rise, and renters have little control over how much they’ll pay each year. With a fixed-rate mortgage, homeowners lock in their monthly payment and avoid the uncertainty of rent hikes.

While buying a home requires a down payment and closing costs, many buyers are surprised to learn that their monthly mortgage payment is often lower than what they’re paying in rent—all while building wealth instead of paying off someone else’s mortgage.

3. Am I financially prepared to buy a home?

One common misconception is that you need a 20% down payment to buy a home. In reality, many loan programs allow qualified buyers to purchase with as little as 3% to 5% down. If you’re currently renting, consider:

• How much you’re already spending on rent each month.
• Whether you have money saved for a down payment (or could start saving now).
• If your credit score is in good shape (or could be improved in a few months).

There are also down payment assistance programs that help make homeownership more accessible. If you’re unsure where to start, a trusted Bakersfield Realtor can help connect you with lenders who offer options tailored to your financial situation.

4. Do I want more control over my living space?

Renting often comes with restrictions—no remodeling, no painting, and no real customization. If you dream of making a house feel like home, buying gives you complete freedom to create a space that truly fits your needs.

• Want a backyard for pets or entertaining? Buying makes it possible.
• Need an extra bedroom or office? Owning a home lets you choose what fits your lifestyle.
• Thinking about adding smart home features, solar panels, or energy-efficient upgrades? As a homeowner, you make the decisions.

Owning a home means you’re in control—not a landlord.

5. What are my long-term financial goals?

Renting may feel more affordable in the short term, but buying a home is one of the best ways to build long-term wealth. Every mortgage payment you make helps build equity, meaning your money is going toward something that benefits you, not a landlord.

• Real estate is one of the most stable long-term investments, and Bakersfield home values have steadily increased over time.
• Homeowners can build generational wealth by passing down real estate to their children.
• As a homeowner, you benefit from tax deductions that renters don’t have, such as mortgage interest and property tax deductions.

6. Am I ready to invest in my future?

Homeownership isn’t just about having a place to live—it’s about investing in your future stability and financial success. Instead of throwing money away on rent each month, buying a home allows you to:

• Build wealth through home equity.
• Have stability with predictable monthly payments.
• Customize your space however you like.
• Benefit from appreciation, as home values rise.

Thinking About Buying a Home in Bakersfield or Kern County?

If you’re asking yourself whether it’s better to rent or buy, now is the perfect time to explore your options. The truth is, many renters can qualify for homeownership but don’t realize it until they speak with an expert.

At The McCarty Group, we help renters transition into homeownership in Bakersfield and Kern County every day. Whether you’re ready to buy now or want to plan for the future, we’re here to guide you every step of the way.

Call or text The McCarty Group at 661-665-SOLD to take the next step toward owning your own home!