Romantic movies, your parents, and society as a whole tell us we haven’t really “made it” until we become homeowners. For many, renting a home is just a temporary stop on the path to homeownership. It’s the standard argument: Why throw away money on rent that could be used to build home equity?
But these days, the renting narrative is changing. Millennials are not investing in homes like we thought, and the housing market is far from “fixed.” The industry leaders advertise a sellers’ market, meaning homeowners can expect to see multiple offers on their homes as the inventory remains low. While that’s great for homeowners, it means home buyers can expect dangerous bidding wars and price increases.
For that reason, many people are putting the American dream of picket fences and front porches on hold and choosing to make one of their smartest decisions to date. It’s a personal decision to rent or buy, but there are many pros to renting your next home rather than buying. Let’s take a close look at 15 convincing arguments for renting a home — and they’re not all financial.