Deciding whether to rent or buy a home isn't always as simple as comparing a rent payment with a mortgage payment. Both options come with benefits, costs, and tradeoffs--and the right choice depends on where you are financially, what you want from your lifestyle, and how you see the next several years unfolding.

If you're weighing your options, here are a few important factors to consider.

When buying a home, it is easy to focus only on the property in front of you. However, what happens around the home can be just as important as what happens inside it. New roads, schools, shopping centers, apartment communities, and commercial projects can influence traffic, convenience, demand, and future property values. Understanding planned development can help you make a more informed decision before you buy.

Both the Consumer Price Index (CPI) and Producer Price Index (PPI) reported figures that were either entirely in line with expectations or just slightly below them. This does not set any new precedent for the potential of a rate increase from the Federal Reserve, as inflation is still rising, just at a largely expected rate.