Rent prices are still rising but interest rates are now more favorable than ever. Did you know that you might be able to own a home for about the same as you are paying for rent? That is not the only reason for buying rather than renting, though. If you need more reasons to make the buying decision, read on for some things to consider and go from a renter to a buyer.

1. It's easy to find out how much home you can afford. Speak first to a real estate agent and they can recommend a lender. The lender will use certain financial information like your income and provide you with what is called a preapproval. This provides buyers with an idea of their price range and it also assures buyers of their chances of success when applying later for a mortgage.

2. Real estate agents are fonts of information when it comes to financial matters like lending. The number of mortgage programs available to suit a particular buyer can be overwhelming. Count on an agent to review your needs and recommend a program that is right for you, whether that is a conventional loan or a government-backed loan product from the Veterans Administration (VA), the Federal Housing Administration (FHA), or the United States Department of Agriculture (USDA). It should be noted that some government-backed mortgages require little to no down payment to qualify for a home loan.

3. Budgeting is hard work and it can be made more so if your landlord keeps raising your rent. Unless you opt for a variable rate mortgage, your home expenses will remain the same for years — until you refinance.

4. Building wealth is a longed-for goal of many but doing so is another matter. Fortunately, a home purchase is an investment that can bring built-in wealth as time goes by. As you pay your monthly housing bills, equity is being built. In most cases, homes grow in value but your mortgage payment remains stable. When you sell your home, you can realize that wealth through profit or by buying a more expensive property in which to build more wealth. Equity also allows owners to refinance and lower payments and that money can be invested in other ways.

5. Renting is not a secure way to live. When the lease period is up, usually once a year, you have the potential to lose the roof over your family's head in as little as 30 days. Once you buy a home, however, as long as you pay your bills no one can make you leave it. That feeling of security is one of the best things about being a homeowner after years of renting.

Get started with your search for single-family homes by speaking with a real estate agent.