Should You Rent or Buy? Local Insight from Stephens Real Estate

When it comes to deciding whether to rent or buy a home, there’s no single right answer. It depends on your goals, your finances, and your plans for the future. In Lawrence, where the housing market remains steady and demand continues to grow, it’s a smart time to pause and consider what makes the most sense for your next move.

For many, the decision hinges on how long they plan to stay. Stephens Real Estate agent Michelle Roberts-Freeman often tells clients, “If they plan to be in the area for less than 5 to 7 years, renting may be the best option due to lower costs up front and avoiding potential losses when selling in such a short turnaround time.” But if your timeline is longer? “It definitely makes sense to buy. This way they can choose their own home and make it their own while building equity.”

Stephens agent Ahnya Lewis echoes this approach. “Let your lifestyle goals guide your financial decisions, not the other way around,” she says. “If you are likely to stay in the same place for five years, buying might make more sense financially due to equity growth and the current home appreciation values.”

Beyond time and equity, there are other considerations that come into play, like freedom and stability. When you rent, you’re often at the mercy of rising costs, lease renewals, or a landlord’s decision to sell. Buying allows you to personalize your space, plan for the long term, and invest in your future. “Most frequently,” says Chris Earl, Broker and Co-Owner of Stephens Real Estate, “I see the desire to put down roots and control one’s own living situation as the deciding factor.”

Still, the jump from renting to buying is a financial commitment. Down payments, inspections, repairs—homeownership comes with upfront costs and ongoing responsibilities. It’s important to consider not only what you want today, but what you’ll be prepared for in the years ahead.

“Buying and homeownership is almost always the best choice if you are going to own something for the long run,” Chris adds. “It’s often a stretch to own versus rent, but it can have great benefits if it’s a long-term choice.”

At Stephens Real Estate, we’ve helped clients navigate every part of the housing journey, from short-term leases to forever homes. If you’re weighing your options, our team is here with honest advice, local knowledge, and a commitment to helping you make the best choice for your life right now and your future down the road.