When you rent, you build your landlord’s wealth, your monthly payment depends on ever-rising rents, and you don’t benefit from home price appreciation.
On the other hand, when you own your own home, you build your own wealth, your monthly payment is locked in, and you benefit directly from home price appreciation.
If you are feeling the challenges of a competitive market, remember that homeownership is a long-term game. Persevering today will lead to financial rewards in the future.