Renting has a lot going for it. It gives you a level of freedom that you don’t have when you own a home. You can move when you want; so if you have an opportunity to take a better job in a different state, you can. When you have time off, you can have time off! No housework, no yard care, no worries about maintenance. Take a weekend trip rather than yardwork.
In many parts of Virginia, while house prices are rising, they are not at the place where they were before the bust. Therefore, you are not really missing out. The longer you can save, the more you can put down for a deposit if you decide to buy at some point. This will reduce mortgage costs.
When renting you avoid all of those additional fees. Money needed for deposits, PMI, closing costs, home inspections, and attorney fees. All of these additional costs can add up to be thousands of dollars. Not to mention the eventual repair and maintenance costs when you own a home. As a renter you can pick up the phone and call the management company.