Is RENTING a home better than BUYING?

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? less

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? less

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. less

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!!! less

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. less

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. less

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. less

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. less

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? less

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. less