If you're currently renting an apartment or home, you may be eager to purchase your own space. Don't move too quickly, though! Look at how much rentals are going for in the area in which you're thinking about buying, and compare prices.
When researching home prices, it might seem a little counterintuitive to look into rental costs, but this is definitely something to consider. Compare average rent prices in the area with your total monthly payment, including taxes and insurance. If owning a house costs 35 percent more than renting, it might not be a good time to buy in that particular neighborhood.