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4 reasons renting may be a better option

Published: Thursday, April 18 2013 9:00 a.m. MDT

A house is listed for rent and for sale in Portland, Ore. For certain people, renting can be a better option than buying a home.

Rick Bowmer, AP

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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.

Location

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.

Cash flow

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.

Simplicity

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.

Mobility

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.

EMAIL: alovell@deseretnews.com

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