(WTNH) – One of the biggest decisions a family can make comes down to homeowning, and many people find themselves wondering if it’s better to rent or buy a house, especially in this market.

Chelsea and Ryan Van Woerkom have been renters for eight years in Orange County, California. But as their family has grown, so do their housing needs. So, the couple has been working with real estate agent Rita Tayenaka to figure out their best option.

“We’re waiting to see what happens with the market now with interest rates higher, we’re going back and forth. Do we rent or do we buy,” said Chelsea.

“The interest rate definitely affected purchase values,” said Tayenaka.

So how do you decide whether to rent or buy? First, consider some pros and cons of each. The benefits of renting include flexibility, little to no upkeep charges, and lower up-front costs.

“Think about how long you want to be in a home. If you’re only going to be there for a year or a couple of years, renting is probably the better decision,” said Danielle Hale, chief economist at realtor.com.

While renting is a good option for some, it has its drawbacks. There are fewer choices to rent, rising rental costs to consider, and unpredictable increases in rent.

“Rental prices are up about 15% compared to a year ago. And you’re probably going to face rental price increases year after year,” said Hale.

And if you’re thinking of buying, consumers should consider the benefits; there’s more stability, tax benefits, and growing inventory. The cons of buying, however, can include high up-front costs, rising mortgage rates, and responsibility for maintenance and repairs.

“You want to make sure that you can commit to being in a home for five years or so to make those costs make sense. You’re generally locking in the majority of your monthly housing costs, which can be a nice hedge against inflation and helps make sure that your budget can stay intact,” said Hale.

While that can sound appealing, home prices are up about 20.4% from last year as interest rates and mortgage rates continue to rise, but inventory is also up.