The prevailing wisdom has always been that it is better to buy a home than to rent one, because renting puts your hard-earned money into your landlord’s pocket instead of your own. Closer inspection of this belief, coupled with a stringent analysis of the current economy and job market, may lead to a completely new conclusion. As it turns out, there are plenty of good reasons to rent instead of buy a home.
For starters, in the current job market you may need to move in order to get a job or move ahead in your career, and a mortgage might hold you back. Homeowners are also responsible for a lot of extra costs, such as home repairs, taxes, fees, and insurance, which can add up quickly.
However, one major benefit of owning your home is that you can do with it as you please. Whereas a landlord might have strict rules about wall colors or nail holes, you can paint your own walls black and hang a thousand pictures if you choose.
For more about the pros and cons of renting versus buying, check out this infographic. Be sure to make an informed decision before you take the plunge.