Renting Might Be Cheap, but Is Buying a House Worth It? Exploring Both Sides
Common Housing Costs
Common wisdom suggests keeping predictable housing costs below 30% of income, but many Americans struggle with this. In 2022, over half exceed this threshold.
Building Equity
Renting means paying for a place to live but not building equity, unlike homeowners who accumulate home value over time.
Customization Limitations
Renters have limited ability to make permanent changes to their living space, unlike homeowners who can personalize their property.
Pet-Friendliness and Stability
Renting may restrict the number of pets and involve frequent moves, while buying offers stability and the freedom to make long-term lifestyle choices.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.