Is RENTING a home better than BUYING?

PassionateLover2 PassionateLover2
Buying a home is considered a smart thing to do if you have a good credit rating and qualify for a mortgage. Many people view their home an investment as a hedge against inflation. However, others argue that in many cases it's less expensive to rent than to own when you take into account the numerous costs, including mortgage payments, property taxes, insurance, utilities, condo or homeowners association fees, maintenance, etc. Renting offers flexibility if you move frequently. Assuming that you qualify for a mortgage, which choice would you choose?
Answers (public voting - your screen name will appear in the results):
Buy a home
SneakersAndPearls , Toy Fiend , "G" , Flower1 , js250 , poetprincess , deltalima , minstrel69 , kendra30752 , darthkitt3n , brevado , Sima-pusya , CindyH , hhh , table38792 , Chelynn67 , Cindi025 , LovesAPoet , Martiniman , Lea Ann Pruitt , padmeamidala , Leather & Lace , SF , Lildrummrgurl7 , spiced , AwesomeAmanda , Terri69 , richsam , mlmac , RedKyuubi , J5ive , Rossie , Passion plum , chicmichiw , joiedejouets , vanilla&chocolate , CountryPrincess , comatose-kitty , gsfanatic , damnbul12 , angel142stx , xcapricax , PassionateLover2 , bayosgirl , Gone (LD29) , PropertyOfPotter , LavenderSkies , XxFallenAngelxX , Elbert's Angel , ViVix , Allstars316 , alliegator , Kallina , This Is For The Birds , evanescentowl , Mr. E , wicked48
57  (88%)
Rent an apartment or condo
Real or memorex , SilverMinxxx , SecondStory , SecretKinksters , EmuLove , Bignuf , GONE! , noway
8  (12%)
Live with parents
Total votes: 65
Poll is closed
02/01/2013
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Real or memorex Real or memorex
In the city I live in, my rent is less than my condo fees and taxes would be if I owned outright and didn't owe anything on a mortgage. It's not as nice a place, but it does discourage me from buying.
02/01/2013
"G" "G"
If you don't plan on or foresee moving and you CAN AFFORD a home you would be foolish not to buy one with the low interest rates available in today's economy. Sure renting may be cheaper up felt but you DO NOT build equity. When you rent you are pissing that money away! Still wanna rent when you're retired and on SS(if it still exists) and your retirement plan? You need to buy to build equity and actually own property, otherwise you're pissing money away.
02/01/2013
Flower1 Flower1
buy
02/01/2013
LuckyLady LuckyLady
Well with renting you have landlords who can choose not to rent at anytime or be a total dick or nosy. Depending on where you rent though you may not have to do your own lawn (or if in an apt there is not lawn!) and repairs are generally taken care of. With buying all expenses are yours but you get the ability to do what you want with the house. Taxes and mortgages would be a drain. I'd say if you can find a nice house with low rent and a good landlord take it. If you are handy and can afford mortgages and taxes take it. I guess it's really up to what your expenses are and how handy you are.
02/01/2013
js250 js250
Rentals seem to have their own issues. They can be sold and you have to move. The landlord dictates the pets, people, etc. you may have in the rental. When something breaks you will get a sub-par replacement; not the appliance, bathtub, toilet, etc. that may cost more but is more efficient and reliable. Forget the decor--his house, his choice of paint, wallpaper, linoleum, carpeting, etc.

Nope--will ALWAYS own my own house!!! I want to have the freedom to decide how and what environment I want to live in!!!
02/02/2013
SilverMinxxx SilverMinxxx
I have experienced both renting an apartment and buying a house. Let me just say that for the time being, I think it is smarter to rent. Yes, interest rates are low right now, but if for any reason you have to move out of the house you are buying (job changes, family issues, etc), you have to deal with the option of choosing a realtor and paying their ridiculous fees, closing costs, possible HOA fees, higher utility and water bills, an awful selling market, etc. I enjoyed renting an apartment because it was much cheaper, I didn't have to worry about a yard, I didn't have to pay for things needing to be fixed, I had access to a fitness room and pool, the water and electric bill were *so* low, I didn't have to pay property taxes, etc.

I have never rented a house, so I don't have any experience in that area.

So while some people may say that it is a waste of money to rent... you aren't just paying for a place to live, you are paying for the convenience to easily walk away after your lease is up. No stress. No having to worry about the housing market. No cloud hanging over you to sell your house and all of the complicated processes you have to go through.
02/02/2013
poetprincess poetprincess
Quote:
Originally posted by PassionateLover2
Buying a home is considered a smart thing to do if you have a good credit rating and qualify for a mortgage. Many people view their home an investment as a hedge against inflation. However, others argue that in many cases it's less expensive to ... More
Right now I am renting only cause my credit is real bad, once it fix that ill be good to go and buy..
02/02/2013
deltalima deltalima
Quote:
Originally posted by PassionateLover2
Buying a home is considered a smart thing to do if you have a good credit rating and qualify for a mortgage. Many people view their home an investment as a hedge against inflation. However, others argue that in many cases it's less expensive to ... More
It seems more worthwhile to put the money for rent towards a mortgage.
02/02/2013
minstrel69 minstrel69
Especially if you are young, I would say buy a house. But with that said, I would also advise trying to pay it off as soon as possible. Make extra payments toward the principal every month if at all possible. It may be hard to do but you will thank yourself when you don't have to worry about paying rent or a mortgage.
02/02/2013
kendra30752 kendra30752
Quote:
Originally posted by PassionateLover2
Buying a home is considered a smart thing to do if you have a good credit rating and qualify for a mortgage. Many people view their home an investment as a hedge against inflation. However, others argue that in many cases it's less expensive to ... More
Never rented & buying to own is definitely my choice and I'm thinking it's worth it! For us, anyway.
02/02/2013
SecondStory SecondStory
I feel like renting would be best for me right now, but I dunno about your situation.
02/02/2013
darthkitt3n darthkitt3n
We own our own house. It makes more sense for us financially. We're paying about as much per month for a house in a big city as we were paying for a dinky two bedroom apartment in a tiny village. Rent in the city where our house is tends to be $800+ for a two bedroom apartment that is clean and in a good area, which is way more than what we are paying to own. I also hate having to live so close to people that I can hear everything they are doing through a thin wall.
02/02/2013
brevado brevado
Buy if you can afford it, but don't let it consume your finances.
02/02/2013
Sima-pusya Sima-pusya
Buy a home
02/02/2013
Bubba29 Bubba29
After the recent real estate bubble burst, I don't think a home is a great investment. If you have a career that could cause you to move often, renting is definitely the way to go. I love the flexibility of renting. Although if you have a family, the stability of home ownership has its merits. Rent until you have kids....then evaluate based on the transience of your bread winner.
02/02/2013
sweet*taste sweet*taste
YOUR JUST PAYiNG OFF SOMEONE ELSE'S HOUSE!AS LONG AS YOUR CREDiT HAS NO KiNKS GO FOR A STARTER HOME. iF YOUR WANTiNG TO SETTLE iN A COMMUNiTY SOMEWHERE TO ACCOMMODATE YOU OR YOUR FAMiLY... APARTMENTS AREN'T WHAT THEY USE TO BE, ESPECiALLY EVERYTHiNG THATS iNCLUDED iN YOUR RENT.
POOL, GYM, COMPUTER STUDiE, MEDiA/ BAR ROOM RENTAL FOR GET TOGETHERS, AND THE LiST GOES ON. AGE AND STABiLiTY TiES iN TOO!
02/02/2013
CindyH CindyH
buy
02/02/2013
RonLee RonLee
Many people have brought up good points for both renting and buying. Given that, it is still a choice that requires taking into consideration so many factors.
For example, on of my smartest friends recently moved from WI to CO and bought a house there. He has owned homes in IL, WI and now CO. Other than his most recent purchase he and his wife and sold all of them for profit. This time though they don't like the neighborhood or their neighbors and the housing market is such that, he'll be lucky to beak even if they sell. My buddy has told me that he really regrets not renting this time while determining if they like the area.
02/02/2013
table38792 table38792
Depends on the prices but in general I'd say owning a home is better because you can save money over the long-term by not charging yourself rent.
02/02/2013
Martiniman Martiniman
Equity! Always own if you can.
02/02/2013
SecretKinksters SecretKinksters
We're renting because we don't plan on staying in this city, let alone this state.
02/02/2013
Darling Jen Darling Jen
As a financial counselor, I have to say that it greatly depends on the person, their financial situation, their financial goals, and the area they live in. It's not very clear cut. Yes, it is usually much cheaper to rent because you're not responsible if something happens with the foundation or structure of your building. But also, you're not investing in your home either and when you move, you recoup none of the month you've paid.
02/02/2013
Mr. E Mr. E
You have to weigh your current needs, future needs, priorities, financial resources, opportunity costs, time horizon, job situation, family situation, ability to maintain or make repairs, etc....the list goes on and on.

My point is that everyone has a different situation. There are simply too many variables to say which is the better option.

Over the long term, if everything goes right, buying is 100% guaranteed to be maybe, possibly be the better choice...or not.

Many of the people that purchased homes in recent years are regretting it.
02/02/2013
Trysexual Trysexual
It depends. Interest rates are super low, but whenever they rise, that is not going to be good for house prices. Renting might be the best, unless you know you are staying put for more than 5 years, at least. The closing costs and taxes add up. Buying/Selling is a real hassle and expensive.

Owning has it's advantages, but it's overrated too.
02/02/2013
married with children married with children
a home is not a investment. That is part of the reason for the housing bubble burst a few years ago (still suffering from it now). A home is a place to live. Whether or not you should buy will depend on a lot of different factors. Can you afford the mortgage? Can you afford the taxes? Can you afford to pay someone to fix all the problems and upkeep that come with owing a home, or can you fix them your self? Will you be needing to move or are you planning on moving anytime within the next 8 years?

Not everyone should be a home owner. The American dream is not to own a home. That is a big lie. Everyone's American dream is different. Not everyone should be a home owner. I know a lot of people who should have stayed renters. Some of them family.
02/02/2013
Lea Ann Pruitt Lea Ann Pruitt
you pay almost the same buying a home than renting.
02/02/2013
XYCopperheadSly XYCopperheadSly
Depends on the person. Buying isn't for everyone, and renting isn't for everyone.
02/02/2013
Leather & Lace Leather & Lace
I'm renting but would rather buy a home.
02/02/2013
AwesomeAmanda AwesomeAmanda
i would much rather own.
02/02/2013
Total posts: 73
Unique posters: 60