Community Economic Development
RENT vs. OWN
Deciding to Rent or Own
Buying a home has many advantages, but so does renting. The best choice depends on your life situation.
Here are a few important benefits of homeownership:
Pride of homeownership. Having a home of your own gives a sense of pride and the freedom to live as you wish. You can have pets and make changes to your home to suit your tastes and lifestyle.
Homeownership builds wealth. Over time, a home typically appreciates in value, and at the same time you gradually increase your wealth as you pay down your mortgage.
Stability. With a home purchase, you set down some roots. You may find yourself more settled and committed to connecting with neighbors and improving your community.
The advantages of renting:
Greater mobility. If you choose to move, it’s much easier when you are renting.
Monthly costs. Often, the monthly cost of a mortgage, utilities and maintenance is higher than rent – though this isn’t always the case.
Maintenance and repairs. When you rent, repairs are the landlord’s responsibility. When you own a home, you have to make the repairs yourself or pay someone else to do them.