Here’s a list of pros and cons of renting a home from one of our top carriers, Nationwide Insurance. Careful consideration should go into the advantages and disadvantages for both to choose which would best fit your situation.
Are you living in a very expensive market? If so, renting is probably the cheaper option. Are you looking to stay put for the long haul? If so, you’ll likely make out better buying – particularly if you pay off your home.
Is it better to rent or to buy a home? It’s a tough decision and one that requires careful thought. About 64% of American adults own their own homes, according to a 2019 Statista report,[i] while the remaining 36% rent, notes Pew Research Center.[ii] While more people lean toward buying a home, research shows rental rates are at a 50-year high.[iii] When it comes to renting vs buying a house, what’s best for you?
Let these tips be a starting point as you weight your options. If you’re considering your first home purchase, take a look at these tips:
Product, coverage, discounts, insurance terms, definitions, and other descriptions are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in your individual insurance contracts, policies, and/or declaration pages from Nationwide-affiliated underwriting companies, which are controlling.
For a deeper look at why renting a home may be better, take a look at this article from Forbes:
When it comes to buying vs. renting a house, there is always a passionate debate about which makes the most financial sense. Both sides have valid points, so it can be a bit confusing. The recent changes in the tax law have also made owning a home less financially advantageous.
