Here's a handy flowchart that'll tell you if it's better to rent or buy a home

Monday 20 February 2017 20:31 GMT

(Elgars Retigs/Shutterstock)

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Choosing whether to buy or rent a home could be one of the most important decisions you make in your life. Are you ready to settle down? Will one price work out better than the other?

It depends on your financial situation, like how you'd like to manage your savings, if you have an emergency fund, and whether you'd rather try to fix your broken toilet yourself or just complain to your superintendent.

It's also a decision that's harder and harder to make for young people, as financial inequality leads more young people to simply live with their parents, and to put off buying a home until later in their lives.

Check out our handy chart, first put together by Business Insider, that factors in all the major decisions you need to make when choosing whether to rent or buy a home.