{"id":47890,"date":"2021-02-03T07:02:55","date_gmt":"2021-02-03T15:02:55","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=47890"},"modified":"2023-02-18T08:04:37","modified_gmt":"2023-02-18T16:04:37","slug":"should-i-rent-or-buy-how-to-make-the-best-choice","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/rent-or-buy\/","title":{"rendered":"Should I Rent or Buy? How to Make the Best Choice"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">At some point, you\u2019re likely to rethink your living situation. Maybe you just want a space to call your own. Or perhaps you enjoy the perks of renting and simply want a less expensive place. <\/span><\/p>\n<p>As you decide whether you should rent or buy, it\u2019s important that you carefully consider your finances and lifestyle goals to decide where you\u2019re best served.<\/p>\n<p><b>Here\u2019s what you need to know when it comes to renting or buying a house:<\/b><\/p>\n<ul>\n<li><a href=\"#pros-cons-renting\">Pros and cons of renting<\/a><\/li>\n<li><a href=\"#pros-cons-buying\">Pros and cons of buying a home<\/a><\/li>\n<li><a href=\"#makes-sense-rent\">When it makes sense to rent<\/a><\/li>\n<li><a href=\"#makes-sense-buy\">When it makes sense to buy<\/a><\/li>\n<\/ul>\n<p><a name=\"pros-cons-renting\"><\/a><\/p>\n<h2>Pros and cons of renting<\/h2>\n<p>Depending on where you live, renting can come with certain benefits, including fewer recurring <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cost-to-buy-house\/\">homeownership costs<\/a>, flexibility in your living situation, and the fact that you don\u2019t have to worry about maintenance.<\/p>\n<p>However, there are some drawbacks to consider.<\/p>\n<h3>Pros<\/h3>\n<ul>\n<li><b>It can be less expensive:<\/b> Buying a home can be expensive upfront, as you have to cover the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">down payment<\/a> and <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-closing-costs\/\">closing costs<\/a>. When you rent a home or an apartment, you won\u2019t have to worry about property taxes, <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/homeowners-association\/\">HOA fees<\/a>, or mortgage interest either \u2014 those costs will likely be factored into your rent by your landlord.<\/li>\n<li><b>It\u2019s more flexible:<\/b> Renting can offer a more flexible lifestyle, allowing you to change situations with minimum fuss. As long as you meet the terms of your lease, you might not even need to pay a large amount to break your lease. In some cases, even if you do have to pay to leave earlier with a rental, it\u2019s likely less than paying seller costs \u2014 and it usually takes less time.<\/li>\n<li><b>You won\u2019t have to worry about maintenance: <\/b>When you rent, you\u2019re not responsible for ongoing maintenance and repairs. If something breaks, the landlord fixes it. When there is maintenance on the building or grounds, someone else handles it, and pays the cost.<\/li>\n<\/ul>\n<h3>Cons<\/h3>\n<ul>\n<li><b>You\u2019re not building equity: <\/b>When you rent, you aren\u2019t building ownership in the home or apartment. Instead, your rent goes to help someone else build equity. If you\u2019re interested in building equity in a home or other property, you need to buy.<\/li>\n<li><b>Your rent might go up: <\/b>When you have a <a href=\"https:\/\/www.credible.com\/mortgage\">mortgage<\/a>, especially if you have a fixed rate, you don\u2019t have to worry about your payments increasing. When you rent, though, the landlord can raise the rate, and you\u2019ll have to pay it or find someplace else to live. According to a recent rent report from <a href=\"https:\/\/www.apartmentguide.com\/blog\/apartment-guide-annual-rent-report\/\" rel=\"\u201cnofollow\u201d\">Apartment Guide<\/a>, the national average for rent on a two-bedroom apartment rose from $1,854 in 2019 to $1,909 in 2020.<\/li>\n<li><b>You can\u2019t fully customize your space: <\/b>Your living space isn\u2019t completely your own when you rent. If you want to make big changes, you need to get permission from your landlord. Additionally, if you do make substantial improvements with permission, the landlord reaps the long-term financial benefits of those upgrades.<\/li>\n<\/ul>\n<p><em><strong>Keep reading: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/rent-or-buy-in-retirement\/\">Should You Rent or Buy in Retirement? Making the Right Choice<\/a><\/strong><\/em><\/p>\n<p><a name=\"pros-cons-buying\"><\/a><\/p>\n<h2>Pros and cons of buying a home<\/h2>\n<p>Before you decide to rent, you should also consider the advantages of <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-buy-a-house\/\">buying a home<\/a>. Consider the fact that your home can be an appreciating asset, you have full control over your space, and you might even have access to tax benefits.<\/p>\n<p>Of course, as with renting, there are some disadvantages to consider as well.<\/p>\n<p>If you\u2019re considering a home purchase, be sure to shop around. Credible makes this easy \u2014 you can compare all of our partner lenders in minutes.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<h3>Pros<\/h3>\n<ul>\n<li><b>You\u2019re building equity in a potentially appreciating asset: <\/b>As you make mortgage payments and your home goes up in value, you build ownership, or equity, in your home. Later, you can borrow against your equity to reach other goals. And, if your home has risen enough in value, you\u2019ll receive a large chunk of capital when you sell, which you can use to buy another home or put toward another major investment like retirement.<\/li>\n<li><b>Your space is all your own:<\/b> Because you own the home, you can make improvements and upgrades. The space is entirely your own, and you can customize it as you like. When completing major projects, however, you might need to get the proper building permits, depending on the requirements of your local area and homeowners association.<\/li>\n<li><b>You\u2019ll probably enjoy tax benefits:<\/b> If you itemize your deductions on your tax return, you can usually <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-interest-deduction\/\">claim a portion of the mortgage interest<\/a> you pay each year. This includes interest paid on <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/refinance-home-equity-loan\/\">home equity loans<\/a> or <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/home-equity-line-of-credit\/\">lines of credit<\/a> used to improve the home. You can also typically deduct a portion of property taxes.<\/li>\n<\/ul>\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/benefits-of-owning-a-home\/\">Benefits of Owning a Home: 7 Reasons to Buy<\/a><\/strong><\/em><\/p>\n<p>Gauge the costs of your mortgage by using the mortgage payment calculator below.<\/p>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"250000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"6\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Fixed loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"30\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n    home    loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    mortgage.\n  <\/p>\n\n  \n  <div class=\"cta\">\n    \n  <\/div>\n\n<\/div>\n<\/div>\n\n<h3>Cons<\/h3>\n<ul>\n<li><b>You\u2019ll need to pay a lot upfront: <\/b>The average down payment in the United States is roughly 5% to 6%, according to <a href=\"https:\/\/www.housingwire.com\/articles\/49443-the-average-down-payment-is-much-smaller-than-you-think\/\" rel=\"\u201cnofollow\u201d\">HousingWire<\/a>, which means you\u2019d need $18,000 to buy a $300,000 home. You might also need to pay some closing costs for your home loan, and those typically run about 2% to 5% of the home\u2019s price. Plus, if you don\u2019t put 20% down, you\u2019ll have to pay <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-insurance\/\">private mortgage insurance<\/a>. <b> <\/b><\/li>\n<li><b>You\u2019re responsible for maintenance:<\/b> You have to take care of all the maintenance costs, as well as any repair costs that come up. Some experts recommend that you budget 1% of your home\u2019s purchase price for maintenance and repairs each year. On a $300,000 home, that means setting aside $3,000 annually.<\/li>\n<li><b>Your home could decline in value: <\/b>While homes generally appreciate in value over time, there\u2019s always the chance that it might decline, depending on where you live. If there\u2019s a market crash right when you need to sell, you could end up losing money. Even if your home does appreciate in value, it might not actually appreciate enough to make up for the total you\u2019ve paid in interest, taxes, <a href=\"https:\/\/www.credible.com\/blog\/insurance\/homeowners-insurance\/\">homeowners insurance<\/a>, and repairs over the years.<\/li>\n<\/ul>\n<p><a name=\"makes-sense-rent\"><\/a><\/p>\n<h2>When it makes sense to rent<\/h2>\n<p>Because of the flexibility of renting, and the low upfront costs involved, as well as fewer responsibilities, some people prefer to rent versus buy.<\/p>\n<p>Here are some situations in which renting might make more sense:<\/p>\n<h3>You\u2019re going to be moving around<\/h3>\n<p>If you know you\u2019re going to move around frequently, it makes more sense to rent than to buy.<\/p>\n<p>One rule of thumb is that you should plan to be in a home for at least five years if you buy it. The median time for homeownership in the United States is 13 years, according to the <a href=\"https:\/\/www.nar.realtor\/blogs\/economists-outlook\/how-long-do-homeowners-stay-in-their-homes\" rel=\"\u201cnofollow\u201d\">National Association of Realtors<\/a>.<\/p>\n<h3>You\u2019re paying off debt<\/h3>\n<p>Aim to <a href=\"https:\/\/www.credible.com\/blog\/personal-finance\/pay-off-debt\/\">pay off high-interest debt<\/a> first before buying a home. With a lower <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/dti-for-mortgage\/\">debt-to-income ratio<\/a>, you\u2019re more likely to get a lower interest rate, so paying off debt makes good financial sense.<\/p>\n<p>Consider getting rid of high-interest credit cards and personal loans and then start saving for a down payment.<\/p>\n<h3>You\u2019re already budgeting for another big expense<\/h3>\n<p>Review your financial priorities. Do you have other goals you\u2019re working toward that you feel are more important? This might be putting more money into a retirement account, saving up for a vehicle purchase, or preparing for a wedding.<\/p>\n<p>Understand what\u2019s most important to you, and where homeownership fits into that.<br \/>\n<a name=\"makes-sense-buy\"><\/a><\/p>\n<h2>When it makes sense to buy<\/h2>\n<p>When deciding if you should rent or buy a house, it might be a good idea to buy if you want more freedom to customize the space and if you\u2019re interested in building equity in a home.<\/p>\n<h3>You plan on staying put<\/h3>\n<p>If you know you\u2019ll be around for a while, buying makes more sense. Depending on the area, your monthly mortgage might cost less than rent.<\/p>\n<p>On top of that, if you\u2019re interested in a stable home situation, especially if you\u2019re raising a family, buying can provide a way to get that continuity.<\/p>\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/when-to-buy-house\/\"><b><i>How to Know If You Should Buy a House<\/i><\/b><\/a><\/p>\n<h3>You want the freedom to renovate your space<\/h3>\n<p>When you\u2019re a project-oriented person, or you like the idea of being able to customize your home, buying can make sense. Homeownership gives you control to make your home as comfortable as you like.<\/p>\n<p>You can even <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/refinance-for-home-improvement\/\">refinance your home to pay for improvements<\/a> should you so choose.<\/p>\n<p><em><strong>Find out: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/should-i-buy-a-bigger-house\/\">Should You Buy a Bigger House? How to Make the Right Choice<\/a><\/strong><\/em><\/p>\n<h3>You\u2019re financially ready for homeownership<\/h3>\n<p>Review your finances. If you can comfortably afford the down payment, closing costs, and monthly payments, homeownership could be well within your reach.<\/p>\n<p>Here are some of the signs you might be financially ready to buy a home:<\/p>\n<ul>\n<li><b>Stable income: <\/b>If you\u2019ve had a stable income for two or more years, you might be ready to handle the ongoing costs.<\/li>\n<li><b>Savings: <\/b>With a bigger savings account, showing that you have reserves available to handle unexpected repair costs, you can show readiness.<\/li>\n<li><b>Debt is under control:<\/b> Even if you have a little bit of debt, it should be under control and payments should be manageable. The less high-interest debt you have before going into homeownership, the better off you\u2019re likely to be.<\/li>\n<li><b>Good credit score:<\/b> A good <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-credit-score-impacts-mortgage-rate\/\">credit score<\/a> can save you money on your mortgage, and it indicates that you have experience managing credit. If you have a good credit score, you might be ready to buy a home.<\/li>\n<\/ul>\n<p>If you\u2019re looking for a home loan, Credible can help you compare mortgage lenders.<\/p>\n<div id=\"purchase-rate-table\">\n  Loading widget - purchase-rate-table\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>At some point, you\u2019re likely to rethink your living situation. Maybe you just want a space to call your own. Or perhaps you enjoy the perks of renting and simply want a less expensive place.&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/rent-or-buy\/\">Continue reading<\/a><\/p>\n","protected":false},"author":104,"featured_media":47891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1527,1524,1521],"class_list":["post-47890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-first-time-home","tag-mortgage-purchase","tag-mortgage-rates-sidebar","should-i-rent-or-buy-how-to-make-the-best-choice","post_tag-first-time-home","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Should I Rent or Buy? 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Here\u2019s how to decide.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.credible.com\/blog\/mortgages\/rent-or-buy\/\" \/>\n<meta property=\"og:site_name\" content=\"Credible\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/crediblelabs\/\" \/>\n<meta property=\"article:author\" content=\"http:\/\/facebook.com\/plantingmoneyseeds\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-03T15:02:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-18T16:04:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/rent-or-buy-a-house.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1416\" \/>\n\t<meta property=\"og:image:height\" content=\"566\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Miranda Marquit\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@mmarquit\" \/>\n<meta name=\"twitter:site\" content=\"@credible\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Miranda Marquit\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/rent-or-buy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/rent-or-buy\\\/\"},\"author\":{\"name\":\"Miranda Marquit\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/#\\\/schema\\\/person\\\/58ce13d9f41681a872fab5efffef044c\"},\"headline\":\"Should I Rent or Buy? 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