Owning a home isn’t the best move for everyone. For those weighing renting vs. buying, here are a few reasons why renting can be the better choice.

  1. You want maximum flexibility. Renting allows you to stay put for a couple of months or years without paying much more than a monthly payment. The upfront cost required to purchase a home can set you back financially if you move too soon. Additionally, when moving from out-of-state it may be more beneficial to rent an apartment short term until you get to know the area and get a better idea of where you want to be.
  2. Buying is out of reach financially. The price tag on homes can be discouraging especially if size and space is important. The down payment required to purchase a home can be as much as 20%.
  3. You want to avoid maintenance and other added costs. When you rent your landlord typically pay to fix structural defects and other problems such as plumbing and A/C. Once you are a homeowner maintenance and repairs are your responsibility. Many people do not factor in the costs of maintaining a home. The mortgage, maintenance, property tax, and insurance all adds up in the end.
  4. Other priorities top homeownership. Location in relation to work and/or family may play a large role in whether you choose to rent instead of buy. The monthly expense of renting may be lower than buying in some areas of the city.