Buying vs Renting your personal residence in the current market

[Brad Hunton]

In the current market we are in (inflation, rates, housing market uncertainty, etc.) what are your thoughts on buying vs renting your primary residence?  

I own a small portfolio of SFH and a couple of duplexes and we have been renting our residence for the past year. Our lease is coming up in a month or so and while we do plan to stay for another year because of our kids I have started to think more about buying. If I buy another house we would have to downsize but our monthly mortgage would still be higher than what I am paying for rent. I know that depending on who you talk to, your primary is not an asset because it does cost you money each month but I still struggle with paying rent and not building any equity.

What are your thoughts either way?