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Renting vs. Buying a Home: This Is Exactly How To Decide Which Is Best

October 18, 2020
Renting vs. Buying a Home: This Is Exactly How To Decide Which Is Best

So what’s the deal? Is it worth plunking down your savings on a piece of property? Or wiser to keep renting for a period of time — or until the end of time? We have an answer.

 

You’ve always been told that buying a home is the ultimate achievement — the physical, brick-and-shingles, fenced-in-backyard embodiment of the American Dream. Yet only about one-third (37%) of millennials between the ages of 25 and 34 own homes. And of those who do, 63% reportedly regret their home purchase, with a quarter citing “unexpected maintenance or hidden costs” as the top reason. In more than half (59%) of U.S. housing markets, in fact, it is cheaper to rent than buy.

 

So what’s the deal? Is it worth plunking down your savings on a piece of property? Or wiser to keep renting for a period of time or until the end of time? The short truth: If you’re able to afford the down payment on a home that is likely to appreciate, and you plan to hang onto the property for at least five years, you should go for it.