Many people choose to rent homes instead of buying them, often because they aren’t interested in the upkeep that comes with a home, or their credit or income isn’t where they’d like it to be for making a purchase.

However, in many cases buying a house can be a more cost-effective option than renting. Even with a lower income there are often choices in housing, and the same can true of a lower credit score. Buyers shouldn’t always let those things stop them if they really want to move forward with purchasing a house instead of renting. Here are some cases where buying can be more cost-effective.

1. The Rent Keeps Going Up

In areas of the country where there’s a big demand for rentals, the cost of those rentals is going to continue to rise. With that in mind, you may be able to buy something for a payment that would be less expensive month-to-month than your rent. Then you can pay extra on other debt, pay your home off faster, or simply save more money or spend it on the things you enjoy. No matter how you use that extra money, you could see a big savings just be choosing to buy instead of continuing to pay rent every month.

2. You Need a Bigger Place

Moving to a bigger rental usually means a higher rent payment, too. Since that might not be something everyone can comfortably do, buying could be a strong alternative. Instead of continuing to rent and choosing a larger apartment or home, it may be time to take a look at what you’re really able to get for a payment that’s lower than your expected rent. It’s quite possible that you can get a lot more for your money when you decide to buy as opposed to renting. Consider this when you want to move into a bigger place that is still affordable.

3. You’re Moving to a Place With Low Housing Prices

If you’re relocating, you may want to consider buying – especially if costs are relatively low. It’s often important to plan to be there quite a while, though, because it takes time for you to build equity when you buy a home. Some areas of the country have very low costs of living when it comes to owning a house. In those places a lot of people capitalize on the situation by buying houses and renting them out for the income, creating a strong but expensive rental market. You may be able to save money when you choose to buy a house in an area like that, instead of continuing to make a rent payment every month in a place where rentals are in demand.

4. You Don’t Want a Payment Forever

Having a house payment can seem daunting, but it’s for a fixed period of time. If you rent, you’ll always have a payment. With a house, you can pay it off and it will be yours. That’s something to think about when you’re interested in getting out of debt and moving on with your financial life. Consider the fact that, while not always advisable in every situation, buyers can pay their mortgage off early in some cases. It’s well worth considering when you’re looking at your long-term financial future and want to make the right choices.

Of course, no one knows your situation better than you. Take some time to weigh the benefits and challenges of transitioning to home ownership, and speak with a reputable lender and real estate agent to get a better idea of your options.