Although I made the decision to buy a house a little over four years ago, many of my friends who are now in their thirties, continue to rent apartments and condos. While there are some out there who strive to achieve what has long been considered the “American Dream” – a house, a picket fence, a couple of kids, and a good-paying job – many millennials have set out on a different path and value freedom and flexibility.
With that being said, there are many reasons why renting rather than buying might not be a bad thing. Below, we’ve summarized some the top reasons as identified by AJ Smith of Credit.com.
- You don’t plan to stick around: Smith says that if you don’t know where you’re path is headed next, you’re uncertain about your future or just want to be open to take advantage of new opportunities, it’s probably not a good idea to tie yourself to a mortgage.
- You can’t handle (or don’t want) responsibility: Maintenance is a major part of owning a home so if you’re not up for it, Smith says you may want to stick to renting and maintaining a “clear line of communication with your landlord.”
- You need time to build your finances: Continuing to rent will give you more time to save up for a down payment or even get your credit score in better shape, according to Smith.
- You have other financial priorities right now: Whether you are focused on building an emergency find or saving for retirement, Smith says it’s okay to pass on buying a home to focus on these other types of financial priorities.
- You want a nicer neighborhood: Sometimes, renting can allow you to live in a better neighborhood than if you were to buy. Smith says, in this case, it might be better to rent until you can afford to buy a home in a more desirable place to live.
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