Is it better to rent or to buy a home? It’s a tough decision and one that requires careful thought. About 64% of American adults own their own homes, according to a 2019 Statista report,[i] while the remaining 36% rent, notes Pew Research Center.[ii] While more people lean toward buying a home, research shows rental rates are at a 50-year high.[iii]
When it comes to renting vs buying a house, what’s best for you? To help, let’s explore the pros and cons of each choice.
The pros and cons of renting a home
If you’re thinking about renting a home, here are advantages and disadvantages to consider:
Pros of renting a home
- Move with greater ease. Renting gives you the power to move around more easily because you don’t have to go through the process of selling your home and waiting for potential buyers. Maybe relocation