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Financial Education

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Buying vs Renting a Home: Which Is Right For You?

The average person moves residences about 11 times in their lifetime. That provides a lot of opportunity to confront the following question: is it better to own your home or to rent it? It’s a huge decision that affects your lifestyle as much as it does your finances, and the answer will vary depending on who you ask. There are compelling arguments to be made for both sides and the resulting advice—though well-intentioned—can quickly become confusing and contradictory. So, is paying rent really just a waste of money? Or is it true that you can make more money by renting than by owning a home? Tune in to the video below as Jen chats with her real estate agent, Doris about exactly what it is Jen is looking for in her big move.

When your friends and family offer you advice on renting and home ownership, they truly want the best for you. However, whether it’s better for you to rent or buy a home ultimately depends on a completely unique combination of your financial situation, your personal goals and a long list of variables, including your geographical location. Do you need the mobility that renting provides you with, or are you ready to settle down for the foreseeable future? Does having the ability to customize and renovate your property justify the added expense of home ownership? Does your home need to be within a certain range of your workplace, school or other commitments? Is your home more of a sanctuary, or just a place to rest your head? By taking the time to fully understand your needs and your priorities, you’ll be able to cut through the conflicting advice and make the decision that’s right for you.

owning vs renting a home

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