Should I rent or buy?

According to a survey by the Federal Reserve, the average American homeowner’s net worth is $171,700, while the average renter’s net worth is a $4,800. Study after study indicates that the most significant life choice an individual can make to secure their financial future is not buying stocks, starting an IRA, or going back to school--it’s buying real estate. Of course, if you live in a cheap, rent-controlled apartment, or for free with your parents (what a deal!), it may make sense to keep renting. But if you want to start building wealth for yourself, and not for your landlord, you may want to consider purchasing real estate.