Nationally, owning a home can turn out to be less expensive than renting. However, for Bostonians, sometimes renting makes more sense. This article offers some examples of circumstances when buying isn’t recommended. Check it out to see if any of these circumstances apply to you.

Boston is an expensive city to live in, whether you rent or buy. A report from Trulia finds that, nationally, it’s 35 percent less expensive to own a home. However, Boston is still one of the U.S. cities where renting makes more sense. According to CBS News, it takes an average of 4.1 years to break even if you buy a home instead of renting.

Owning a home may be a lifelong dream for many Americans, but sometimes buying just doesn’t make sense. Boston’s housing market is pretty competitive, with some houses spending only a few days or even hours on the market. If you don’t have a good realtor and enough cash, finding the perfect home will likely be a long process.

We have some examples of situations when renting is better than buying a home in Boston. If any of these circumstances apply to you, it’s better to wait a while longer before applying for a mortgage and shop for houses. Take a look, below. You are in transit

If you aren’t planning on living in Boston for at least seven years, you are better off renting, according to The National Association of Realtors. Otherwise, you risk losing money on your investment. Boston has a lot of great colleges, so it’s no wonder that it’s one of the more transient cities in the U.S. If you are a college student and you’re not sure whether you will stay in Boston after graduation, buying shouldn’t be a priority. Furthermore, many young professionals come to Boston for career purposes, but don’t plan on spending that many years here. If you’re one of them, renting an apartment makes much more sense.

Your credit score is bad

Without a good credit score, the chances of securing a loan are pretty thin. You can check out your annual credit report to see where you stand. A credit score higher than 700 is ideal – you will benefit from low interest rates. A bad credit score could mean you will have to settle for higher interest rates or not even be approved for a home loan. Interest rates for mortgages in Massachusetts are pretty high as it is – if you don’t have a good credit score, you won’t get a good deal. Some financial institutions, like Avidia Bank [ https://avidiabank.com/personal-banking/mortgages ], offer free online pre-qualifications. You can enter your data and see what kind of loan you would qualify for. In this situation, it may be better to rent and improve your score before applying for a mortgage.

You can’t afford to buy

You might be able to secure a home loan, but you must make sure you can afford to pay it off. There’s a lot more to owning a home in Boston than meeting your mortgage payments. You will need a down payment of at least 10 percent of the home value. According to Curbed, in some areas of Boston you will have to put down 20 percent or even more. You will also need to pay property taxes, utilities and necessary repairs. Check out how high property taxes for Massachusetts are here.

Owning a home over a long period of time may be beneficial for Americans in general, but if one of these circumstances applies to you, renting may be best. In the end, the choice of whether to rent or buy depends solely on your financial situation and personal goals. Make sure to take the advice above into consideration before making a reckless decision. If you are honest with yourself and carefully assess your finances, you will certainly make the right call.