June 27, 2017By Alex Romanov
To Buy or To Rent? It’s a popular question for many today. Prior to the housing crash of 2008 most Americans wanted to own their home; however, since 2008 a lot has changed and many are choosing to rent even though they could afford to own a home. So, let’s examine this decision in detail and see if it makes financial sense. Since the middle of the 20th century, the U.S. homeownership rate has fluctuated between 62% and 70%. According to CNBC, it sat at 63.4% in the second quarter of 2015, the lowest level since the mid-1960s. This decline is largely due to economic and demographic factors, such as the downsizing efforts of aging Baby Boomers, elevated housing prices in some high-population markets, and high student debt loads that prevent many younger buyers from saving enough to make down payments.
Another great resource with a balanced review of the topic is https://outwittrade.com/when-to-rent-vs-buy The author Katie Holmes is well versed in the question of personal finance and provides terrific insights in this article.
To conclude the analysis, if you have enough money for a downpayment and you like the area well enough to stay there for a few years then buying property is a much better decision. However, if you don’t have the money or don’t like the area then renting is a better decision. Of course, it is still up to you whether you choose to buy or to rent, but a piece of advice, make sure you chose a comfortable, safe, and convenient location that you call home.
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