Purchasing a home is an exciting journey. Owning your own home means you have the freedom to make it your own. It creates stability for you and your family, allowing you to put down roots. Finally, it means you’ve taken the first step in creating wealth through the equity you’ll build. While all of this is exciting, getting through the mortgage process can seem a bit daunting, but it doesn’t have to be.
The average person moves residences about 11 times in their lifetime. That provides a lot of opportunity to confront the following question: is it better to own your home or to rent it? It’s a huge decision that affects your lifestyle as much as it does your finances, and the answer will vary depending on who you ask. There are compelling arguments to be made for both sides and the resulting advice—though well-intentioned—can quickly become confusing and contradictory. So, is paying rent really just a waste of money? Or is it true that you can make more money by renting than by owning a home? Take a closer look at six snippets of common owning-versus-renting advice.