Buy or Rent in 2026? A Guide.

Renting vs buying isn’t just math. Use this 2026 guide from the Mandy McGuire Group to decide based on timeline, lifestyle, stability, savings, and what you want next—especially if you’re navigating the Monroe County real estate market.

If you're weighing whether to rent or buy a home in 2026, you’ve probably noticed something: everyone has an opinion, and most of them sound like financial advice from someone who bought their house in 1987.

Here in Monroe County—whether you’re considering Columbia IL real estate, Waterloo IL real estate, or another nearby community—the rent vs buy decision lives at the intersection of money, lifestyle, and what you want your future to look like. Yes, mortgage rates matter. Property taxes matter. Local housing market conditions matter. But the questions that will actually help you decide go deeper than a monthly payment comparison.

This guide is designed to help you ask the right questions so you can make a decision you’ll feel good about six months, two years, and five years from now—based on your real life, not internet noise.

The Timeline Question: How Long Do You Plan to Stay?

How long do you see yourself staying in this area?

If your answer is “I’m not sure” or “probably two years, maybe three,” that’s valuable information. Buying a home in the Monroe County real estate market comes with upfront costs like closing costs, moving expenses, and potential repairs that take time to recoup. Most financial experts suggest you need at least three to five years in a home to break even on those costs.

Even if the math says you’d break even in four years, do you want to be locked into one location for that long? Some people find that grounding. Others find it suffocating.

Ask yourself:

• Is your job stable and location-dependent, or could you be working remotely from anywhere next year?

• Are you in a life stage where flexibility matters more than stability?

• Do you see yourself in Columbia, Waterloo, or another Monroe County community long enough to become part of a neighborhood—not just a ZIP code?

There’s no wrong answer. Your answer matters more than a rent-versus-own calculator.

The Lifestyle Question: What Does Home Mean to You?

When you rent, your landlord handles the broken water heater at 11 p.m. When you own, that’s your problem, your expense, and your Saturday afternoon spent on hold with a plumber.

Some people love the pride and control of homeownership. They want to paint the walls charcoal gray, plant a garden, and renovate the kitchen on their own timeline. Others would rather call maintenance and spend their weekends doing literally anything else.

Ask yourself:

• Do you genuinely enjoy home improvement projects, or do they stress you out?

• How important is it to customize your space versus having turnkey convenience?

• Does the idea of building equity through homeownership excite you, or does “one less thing to worry about” sound better right now?

Neither answer makes you more or less of an adult. Both are valid ways to live.

The Stability Question: How Stable Is Everything Else?

The decision to buy a home doesn’t happen in a vacuum—it happens in the middle of your actual life, with all its moving parts.

Maybe you’re in a new relationship and not sure if you’ll be combining households soon. Maybe you’re considering a career change. Maybe you’re planning to go back to school, start a family, or support aging parents.

Homeownership in the local real estate market means committing to one spot. For some people, that commitment feels grounding. For others, it feels restrictive.

Ask yourself:

• Are the other major areas of your life (career, relationships, family) relatively settled, or in flux?

• Could you handle an unexpected expense—like a $5,000 furnace replacement—without derailing other financial goals?

• If your life circumstances changed suddenly, would selling a home in the Monroe County real estate market or breaking a lease be easier to navigate?

Buying a home when everything else is uncertain adds complexity. Make sure that complexity is something you’re ready for.

The Savings Question: What Else Could That Money Do?

Down payments and monthly housing costs have to come from somewhere. When money goes toward housing—whether rent or mortgage—you’re making a choice about what gets funded and what gets delayed.

If you’re stretching to afford a mortgage payment, that might mean less cushion for emergencies, slower progress on retirement savings, or putting off other goals that matter to you. If you’re renting and your payment is lower than what buying a home in Columbia IL or Waterloo IL might cost, where is that difference actually going? Savings? Investments? Or quietly disappearing into lifestyle inflation?

Ask yourself:

• If you bought a home, would it require draining your savings to a point that feels uncomfortable?

• If you continue renting, do you have a plan for where that “extra” money goes?

• Does building home equity feel like your best wealth-building strategy, or do you have other financial priorities that matter more right now?

Homeownership can be a powerful wealth-building tool—when it doesn’t cannibalize every other financial goal you have.

The Future Question: What Do You Want Next?

If you buy a home in 2026, what changes? Does it bring you closer to the life you want to live in Monroe County, or does it simply check a box you think you’re supposed to check? If you keep renting, are you actively building toward something else, or are you stuck in neutral?

Ask yourself:

• When you imagine your life a year from now, what does “home” look like in that picture?

• Is buying a house something you want—or something you think you should want?

• What would have to be true for you to feel great about this decision in five years?

Making Your Decision

The right move for your coworker, your sibling, or the personal finance guru on social media might be completely wrong for you. Your answers to these questions matter because they reflect your real life, your timeline, your values, your tolerance for risk and responsibility, your financial reality, and your vision for what comes next.

Ready to Move Forward?

If you’ve worked through these questions and you’re leaning toward buying—or if you’re still unsure and want to see what the local numbers actually look like—we should talk.

At the Mandy McGuire Group, we can put together a local rent vs buy analysis specific to the Monroe County real estate market, showing you real costs, real scenarios, and real options—without pressure or sales pitches. Just a clear look at what makes sense for your situation.

And if you’re thinking this might be the year but need time to prepare, we can help you build a plan.

We’re here to help you make the decision that works for you in 2026 and beyond—so you can truly live where you love.