My wife and I are both flipping back and forth on this decision. We didn't buy for a long time as I was in the military getting bounced around. I've been out of the military for a while now, and our 2nd daughter was born earlier this year. We've been renting a small 2-bedroom house. It's close to my wife's work and it's all the house we've really needed until now. With the little one getting big enough to need her own room/space, we're discussing whether we should become first time homeowners or just try to find a bigger 3-bedroom house to rent for a few more years and then buy. I've had people tell me that owning your own home is very rewarding. However, nobody has been able to tell me why it's rewarding other than "well, because it's yours". My answer to that is "no, just instead of paying a landlord, I'm paying a bank, but now also liable for maintenance." I've had others say "you can build equity/value with the home" but if we buy a home, we're doing so with the intention of living in that home the rest of our lives so why should I care about resale value? Financially, buying isn't a concern. We have good credit. I'm a 100% disabled veteran so I qualify for the veterans home loan with 0% down and fixed 30 year rate. They also cover PMI. In my area, a 10-15 year old, 1500-1800 sqft, 3 bed, 2 bath house, not in an HOA, will sell for $140-170k. What I don't know is about the market. Is it a good time to buy right now or is it not? Better yet.... just tell me what's the pros and cons of buying vs renting. What is the reward for buying besides equity? What the cons? Convince me that it's a good idea to buy a home.