Rick Bowmer, AP
Buying a home is considered a landmark in accomplishing the “American Dream,” but it’s not right for everyone, according to an article by MoneyNing.
Continuing to rent may be right for those who fit in these four points taught by financial writer Emily Burken in her article.
Buying a home that’s affordable may require living in suburbs or a lot of renovation. If living in the city, being able to walk to shops and not commuting far distances for work is a top priority, renting is often the better option for inner city living.
For those who need to keep cash available for upcoming costs like a potential business, continuing education or career change, renting doesn’t require such an investment.
Buying a home requires a large sum saved up, closing costs and maintenance issues that don’t stop. Additionally, renting more area is generally cheaper than buying more area in a home.
For those who prefer a simple life, rent a smaller place. Stuff grows to fit the space that is allotted. Less square footage will help from gathering too much stuff. Additionally, renting a place cheaper than the maximum amount simplifies financial aspects as well.
Don’t buy a home that you are planning on living in for less than five years. Since the housing crash, that has become increasingly true. Renting offers the ability to move around. It doesn’t root the renter down to stay in one location.