The American Dream of owning a home is not exactly the trend anymore. Statistics show that renting is on the rise largely due to employment changes. The best way to decide whether to rent or buy is to consider if you will be with the same job for at least 5 years. The cost to move is expensive for various reasons.
Another reason to rent is if you can’t afford at least a 20% down payment. Most of the money you pay will go toward interest not the principle. Rent may also be cheaper than a mortgage. In which case it’s recommended to save the money you would have otherwise spent on a mortgage and save it for a potential down payment.
Housing markets being high in certain locations is also a good reason to rent. Long commutes to work would be a good reason to rent closer to places of employment. Low credit scores can make buying more difficult. Being able to make your own repairs and upkeep are also things you must consider when buying a home.
Renting in a new area gives you time to get to know the town. You get to know the neighborhoods, the restaurants, the churches, the general community you’ll be living in. It gives you time to decide exactly where you might be happiest to settle down.
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When It Makes More Sense To Rent A Home Instead Of Buying