Buying is long-term. If you move
a lot, renting
When upkeep is
factored in along
with upgrades to
the home, the net
cost to rent is lower.
Is renting a home
better than buying?
BUYING A HOME is touted as a smart thing to do if you have a good
credit rating and qualify for a mortgage. In addition to the sense of pride
and security, there can be tax advantages to owning your home. Many
people view their home investment as a hedge against inflation. You may
also be able to borrow against the equity in your home.
However, others argue that in many cases it’s less expensive to rent
than to own when you take into account the numerous costs, including
mortgage payments, property taxes, insurance, utilities, condo or homeowners association fees, maintenance etc. Renting, they say, offers flexibility if you move frequently. Renting may also provide such perks as a
swimming pool and party room and close proximity to downtown locations.
What do you think?
Todd R. Beyer
[There’s] no freedom to modernize
or remodel. You
are building no
You put so much
money into rent with
no return. In time
your house appreci-
ates and eventually
gets paid off. When you rent,
you pay forever.
Find out more about this topic on the Web:
• www.nytimes.com (Search “Is it better to buy or rent
• http://money.cnn.com (Search “Buying beats renting in
most U.S. cities”)
• www.google.com (Search “Stop dreaming America: why
rent is a better deal than a mortgage”)
With our economy
now, renting is
than buying a