Skip Nav
Power Your Happy Q & A
How Katie Meyler Became a Powerful Advocate For Girls' Education
Here's What Professionally Successful People Do Every Day
15 Qualities That Will Impress Your Boss

Should I Rent or Buy?

5 Compelling Reasons to Rent

Rent is higher than ever and rising in many cities. In fact, recent data released by Trulia revealed that rents in May have increased by six percent year over year. But does this mean that you should start hunting for a home to buy? Renting is still a good option in this down economy, and here are a couple of reasons why you should stick to renting:

  • Flexibility to move. If something happened to your current job situation or if you find a better opportunity, you won't have a house to tie you down to a geographic location. Although you'll have many factors to consider before making the move, you at least won't have to factor in housing obligations.
  • Financial obligations. If you get laid off or if there's an emergency that costs you money you can't afford, you can always easily downsize your living situation and move out to a more affordable place if you're a renter.
  • Being your own landlord can be tiresome. You'll be responsible and in charge of maintenance and home repairs, something you generally don't have to deal with if you're a renter.
  • No added debt burden. Can you live with an obligation of possibly a few hundred thousand dollars worth of debt hanging over your head for the next few decades? If you can't pay it off, you may be at risk of a foreclosure.
  • The economy is still unpredictable. Sure, experts are saying the housing market has hit bottom and it's the best time to buy a home. But there are experts like investing maven Jim Rogers who say that the economy is not recovering; instead another economic slowdown is coming. Rogers also predicts that it will be worse that what we've experienced in the past few years. Are you willing to take that risk?

Of course, you know your situation best, and these reasons to rent may not apply in your case. So do your homework and weigh the risks before you commit to one of the biggest investments you'll make in your life.

Image Source: Thinkstock
Around The Web
Join The Conversation
Nancy-Einhart Nancy-Einhart 4 years
Aside from being able to paint all my walls in colorful shades, I really don't have much desire to buy a place. Renting makes so much more sense for me right now.
Why Do Poor People Make Bad Decisions?
$4 a Day Cookbook Experiment
Salary You Need to Be Happy in Your State
Money Habits to Learn From Great Depression Parents
How Do I Buy Twitter Shares?
Gen Y's Endless Youth
How Does the Health Insurance Exchange Work?

POPSUGAR, the #1 independent media and technology company for women. Where more than 75 million women go for original, inspirational content that feeds their passions and interests.

From Our Partners
Latest Career
All the Latest From Ryan Reynolds