Can’t Decide If You Should Rent or Buy? These 7 Questions Made It Clear for Me

Los Angeles is a weird place to make adult decisions. On one hand, I love my overpriced oat milk lattes and living five minutes from a yoga studio that doubles as a wine bar. On the other hand, I sometimes wonder if I’ve hit the ceiling on how much rent one human can emotionally justify for a one-bedroom that still shares a wall with a guy who DJs at home. So when the “should I buy or keep renting?” question kept showing up in my head like a push notification, I decided to stop swiping it away.

Buying a home in L.A. felt like one of those things only people with generational wealth or tech IPOs could do. Renting felt safer, more familiar, but also like throwing money into a black hole that didn’t even come with decent parking. So I sat down (on my rent-controlled couch) and got real about it. I didn’t make a decision overnight—but these seven questions gave me clarity I didn’t expect.

1. How Long Do I Actually Want to Stay Put?

This was the first and maybe most important question. Buying a home isn’t just a financial move—it’s a commitment to a zip code, a lifestyle, and let’s be honest, probably a Home Depot rewards account. The average American homeowner stays in their house for about 11.8 years, but it’s a different story in California.

I had to really ask myself: Could I see myself still living here in five years? Because that’s the typical breakeven point for buying when you factor in closing costs, interest, and maintenance. If you’re planning to bounce in two or three years? Renting is almost always the smarter play.

2. Am I Ready for the Upfront Costs—Like, Really Ready?

Buying in L.A. doesn’t just mean having a down payment. It means closing costs, inspections, appraisals, HOA fees if you’re going condo, and emergency funds for things you didn’t know could break (like roofs… they’re expensive, FYI).

I ran the numbers: If I wanted to buy a $700,000 starter condo (which is “reasonable” here), even with a 10% down payment, I’d need over $90,000 saved to feel secure. That included closing costs and a buffer. It wasn’t just about affording the mortgage—it was about affording the reality of homeownership.

Many first-time buyers overlook closing costs, which typically range from 2–5% of the home’s purchase price. On a $700,000 home, that’s $14,000–$35,000.

3. What’s My Credit Score—and Do I Like It?

This one was humbling. I always thought I had “pretty good” credit until I pulled my actual score. A few late student loan payments from 2018 were dragging it down, and that was enough to impact my mortgage rate significantly.

Here’s the thing: even a 1% difference in your mortgage rate can cost you tens of thousands of dollars over the life of a loan. So before buying, I made a plan to improve my score over six months. And if you’re renting? Keeping your credit in good shape still matters—many landlords run checks, and poor credit can mean higher security deposits or even rejection.

4. How Stable Is My Job (and My Industry)?

This question felt extra relevant post-2020. I freelance in digital media and consulting, which means my income is fluctuational (if that’s not a word, it should be). Lenders like predictable W-2 jobs. Buying a home with inconsistent income means showing more paperwork, bigger savings, and possibly accepting a smaller loan offer.

Renting gave me the flexibility to pivot if income dried up. But if you’re in a stable 9–5 with a steady paycheck and little debt? You’re in a great position to consider ownership, especially with today’s flexible mortgage options for first-time buyers.

5. Do I Really Understand What I’d Own?

This one surprised me. I assumed owning a condo would be just like my current apartment, but with equity. Spoiler: It’s not. Owning means you’re on the hook for repairs, assessments, and HOAs—which aren’t always transparent about their reserves or rules.

One place I toured had monthly HOA fees of $650—and no recent upgrades to show for it. I started looking into reserve studies, bylaws, and historical dues increases. It was like reading a new language. If you’re not ready to do some deep reading (and maybe hire a lawyer to review things), renting might be less of a headache.

Frugal Hack: Before buying a condo, always ask for the HOA’s reserve study. It tells you how well the building is financially prepared for future repairs.

6. Do I Want to Be My Own Landlord?

Here’s where renting still wins for me. When something breaks, I text my landlord. When the plumbing backed up in the kitchen last year, he sent a guy. I Venmo’d nothing. Owning means being that person who handles—or pays to handle—everything. Which is empowering, sure, but also stressful if you’re already managing a lot.

Some people thrive on home projects and budgeting for repairs. I currently thrive on knowing my Saturday isn’t going to be hijacked by a busted water heater. Just being honest.

7. What Does “Security” Mean to Me Right Now?

This was the question that hit me hardest.

Homeownership can be a powerful form of stability—it builds equity, offers tax advantages, and creates a physical sense of rootedness. But for me, at this moment? Flexibility felt like security. I liked being able to move if I wanted. I liked that if my career shifted or I wanted to try a new neighborhood, I wasn’t tied down by a mortgage.

Buying is still on my radar, but for now, renting gives me the freedom that feels more valuable than equity. And when I do buy, I want to do it with eyes wide open—not because I feel like I “should.”

What I’m Doing Now—And What You Can Consider Too

• I opened a high-yield savings account labeled “Future Home Fund.” No pressure, just intentionality.
• I’m tracking L.A. real estate trends in specific zip codes I’d consider buying in.
• I built a buffer of three months of expenses before thinking about a down payment.

And I’m renting with intention, not as a fallback. That mindset shift made everything feel less like a temporary holding pattern and more like a financially sound strategy.

Final Thoughts

Buying a home isn’t the only way to build wealth. Renting isn’t throwing money away. The right move is the one that aligns with your values, your goals, and your actual financial capacity—not just the story your parents or Instagram is telling you.

I didn’t buy this year. And I don’t regret it. Because now I’m financially stronger, way more informed, and actually excited for the day I do make that offer. Not out of pressure. But out of purpose.