According to the United States census, the average cost of a house, including the land, was $272,900 in 2010. In 2013, that number jumped to $319,275. Between those numbers it’s not surprising that young families are hesitant about buying homes. Many years ago it was acceptable to consider buying a home as an investment for the future, but now it’s seen as a huge financial risk simply because no one can afford it anymore. So now young families and individuals are turning to renting in the meantime, biding their time until they are ready for a home.
But is renting long term really that bad of an idea? Depending on your personal situation, renting may actually be a better choice than flat out buying a home. The priorities of yourself and your family should have a big part in the decision to go with renting for the time being or jumping into your dream home. How important is renovation and stability? If it’s very high on the list then renting may not do the trick. But if you like a little flexibility in your living space and the option to leave when a lease is up, then maybe consider renting for a bit longer.
Take a look at this infographic for more on which is better for you, renting or buying. Everyone’s situation is a little bit difference, so there is no single clear answer. Let us know what you think in the comments and don’t forget to like and share it with your friends!
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