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When considering long-term financial health, people often debate whether it’s better to rent or own a home.

While renting offers flexibility and fewer upfront costs, owning can provide stability and potential equity growth.

However, homeownership comes with responsibilities like maintenance, property taxes, and market risks, which can impact overall financial well-being.

On the other hand, renting may mean no return on investment, but it could free up money for other investments.

We’re curious about your thoughts—do you think renting or owning is the smarter financial choice, and why?

What factors play the biggest role in your decision?

[Jessica]

Everyone’s situation is different…do what’s best for YOU

[Samantha]

It really depends. Owning can be seen as better because you are building equity into an asset.

Renting can be seen as better because you aren’t on the hook for maintenance.

[Holly]

I am currently selling the house we have owned since 1978 – had no mortgage since 1998 and have saved a good amount of money but now living in florida and storm damage and trying to get insurance to pay is next to impossible and get a roofer and contractor –

I am over it – Too old to physically work on the house anymore

(I’m 64 hubby 72) so selling off stuff, downsizing, selling the house and going to rent from here on out.

(condos are having huge assessments since Surfside collapse and friends are getting out of them or abandoning them – yes that bad)

I am ready for less stress, less maintenance, more amenities, close the door and travel without a house sitter. So ready to rent and relax.

(and I was a realtor for 14 years) So financially who knows, but we can afford it without touching the proceeds from home sale.

If you are young buy it but at my age I want not dealing with all of the stuff required for a house.

[Robin]

That is a difficult question because it really all depends upon the circumstances surrounding the opportunity to purchase.

If you can purchase a house at a low enough cost that is in decent condition and doesn’t need a ton of work then I believe over time it is worthwhile.

However, in times like this where home prices seem to be unrealistically high, I’m not sure it is much of an advantage.

I’ve seen people buy when prices were high in the past and inevitably when prices go back down again they find themselves underwater on their home loan.

This is an uncomfortable place to be and if you have to sell you can easily lose money.

My personal advice for most people right now would be to wait to buy until home prices improve drastically from where they are now.

[Roel]

Own… renting is paying someone else’s mortgage. It’s better to pay your own mortgage.

[Mikeisha]

What help me to determine the answer is, rent never ends, but one can pay off a mortgage.

[Meika]

its honesly about the same as long as you dont get an overly expensive house…

Butt the catch is house repairs and maintenance.

Those will bleed you dry.

[Hannah]

Everyone’s situation is different. I’m 34 and my husband is 31. Although he’s a veteran so he’d have an easier time buying, we will most likely never buy.

I can’t have children, and neither of us is handy enough to fix anything ourselves.

For us, it would be a money pit to buy especially since we live in Houston (hurricanes, crime, etc)

[Laura]

I am wondering about this too…60 years old never owned before..

considering townhouse

[Holly]

What everyone forgets is that landlords don’t rent you a place for less than it costs to own it.

They aren’t renting a place to lose money.

Every time their taxes and insurance and maintenance costs go up so does the rent.

The only difference is by owning you are able to get some money you invested back when you sell.

Renting you get nothing back at the end. Rents are going to keep increasing due to taxes, insurance, maintenance, and demand for housing.

[Karla]

Depends on YOUR situation. I would not even think about buying if I were moving often.

When I was young in my field it was pretty common to move every 1 or two years to get experience.

hat time it would have been a bad idea to buy.

Now I am at a place I LOVE but my job gives us rental assistance that you will not get if you buy.

For now I stack my money and wait until I decide to move again.

[Evelyn]

Rent unless you know you are going to stay in the same town for many years.

[Christina]

It depends on each person’s situation, though many people will tell you owning is objectively better.

I have spent an ungodly amount of money on my home.

We did the math, there are renting vs ownership calculators, and you can literally do the math.

For us, renting was cheaper, but we were offered a deal by family to purchase that we couldn’t refuse.

I absolutely love the freedom that owning your home gives you, but renting would have been cheaper for us by a long shot.

[Lyn]

We are talking about this subject now as we are 76 and 77 and downsizing and moving to another country.

We probably don’t have many years left and wondering if it is worth buying a home.

[Lubi]

It depends on the current situation, for me it was rent 1700 or mortgage payment of 815…

[Linda]

To each his own. To live within my budget, renting is a necessity. Am thankful my landlady is a blessing.

[Tara]

If you plan on staying in the same place for a long time, then owning gives you security of knowing you have a roof over your head.

The cost on a monthly basis might be similar to renting, but there could be big expenses that come up like an appliance needing to be repaired or replaced, roof redone, new furnace, etc.

Renting means less cost for these major repairs, and it’s easier to call the landlord than fix it yourself.

However there is the chance that the landlord needs the place back and you would have to move (also an expense).

Cost of rent can also increase each year, but there might be limits on how much it can be increased depending on your area’s laws.

[Cindy]

Own because you can sell and make money, renting is just throwing your money away.

Also, you can write off the interest from your mortgage.

[Molly]

Own, if possible. It’s a lot to get started but eventually it gets paid off.

And you don’t have to worry about rent hikes if the property being sold and a new owner with different ideas.

Many reasons why owning is better.

[Torey]

Do you have funds and reserves to buy? If you do, then buying at the right price is better than renting.

You get some tax right offs and you are building equity for yourself.

If you are not in the financial position to buy and have reserves for maintenance and repairs then renting is recommended.

[Katie]

There are cost calculators that you can determine if you should buy or rent.

Generally, it’s good to buy if you can put 20% down, take a 15 year mortgage and the total monthly payment is 20% of your take home pay

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