To further clarify: I mostly meant non-monetary arguments. EG: If you own a house you will have to do upkeep on it vs if you rent an apartment the landlord will be in charge of it. Quality of Life things.
Landlord covers most maintenance. Most rental apartments will even mow the lawn and shovel snow, but .even renting a home will usually cover any serious elbow work. If the gutters leak and a kid throws a baseball through your window, you call the landlord and it gets handled. This isn’t just monetary : it saves you from having to spend most of the time hunting these things down.
Mobility. If you got the job of your dreams and the love of your life half-way across the country, leaving a rental apartment or house requires days of work, where a purchased home may take months or even years to sell and absorb hours of your life monthly for that whole time period.
It’s usually easier to rent closer to your workplace or desired location.
Renter’s Insurance is usually easier to get and cheaper than home owner’s insurance (because it needs to cover fewer things).
Some places may come with appliances, and rental apartments usually have easier access to home services. This isn’t monetary—you’re paying rent for those appliances, efficient market hypothesis—but it saves you from having to possess a refrigerator or washing machine and dryer.
Housing :
You get to possess a refrigerator or washing machine and dryer, so you’re not stuck with a fridge built in the 1970s, or looking for a laundromat and twenty bucks in quarters.
Home improvement. It’s both possible and reasonable to make changes to a house you own. You’re responsible for making sure the water heater doesn’t explode, but this means you can replace the water heater if it’s the size of a small bucket. You’re responsible for cleaning gutters, but this makes sure that it actually happens. This may be more responsive, as well, especially if you’re reasonably handy.
Privacy. Even when renting a house, your landlord will almost always have the contractual ability to enter the building on fairly short notice (usually a day, sometimes less). Even good apartments let you hear more of your neighbors than you’d really want, and most apartments will have thinner walls than that. Especially valuable if you have odd hours.
Stability. Prices can change, sometimes significantly if you have a low-down payment mortgage, but the risks of being required by law to move are much lower if you own your home. It’s rare to be able to rent a house for more than five years, and you’ll usually pay a premium if you try. Likewise, things around you change more slowly : the friendly next-door neighbor is not likely to move out and be replaced by a bunch of college grads in housing areas, just because of how the transaction costs work.
Status.
No landlord. Rental agreements often have various levels of surprisingly strict regulations on behavior. If you want unusual pets, or satellite television, or a garden, you may well have to purchase to have the option.
To further clarify: I mostly meant non-monetary arguments. EG: If you own a house you will have to do upkeep on it vs if you rent an apartment the landlord will be in charge of it. Quality of Life things.
Renting :
Landlord covers most maintenance. Most rental apartments will even mow the lawn and shovel snow, but .even renting a home will usually cover any serious elbow work. If the gutters leak and a kid throws a baseball through your window, you call the landlord and it gets handled. This isn’t just monetary : it saves you from having to spend most of the time hunting these things down.
Mobility. If you got the job of your dreams and the love of your life half-way across the country, leaving a rental apartment or house requires days of work, where a purchased home may take months or even years to sell and absorb hours of your life monthly for that whole time period.
It’s usually easier to rent closer to your workplace or desired location.
Renter’s Insurance is usually easier to get and cheaper than home owner’s insurance (because it needs to cover fewer things).
Some places may come with appliances, and rental apartments usually have easier access to home services. This isn’t monetary—you’re paying rent for those appliances, efficient market hypothesis—but it saves you from having to possess a refrigerator or washing machine and dryer.
Housing :
You get to possess a refrigerator or washing machine and dryer, so you’re not stuck with a fridge built in the 1970s, or looking for a laundromat and twenty bucks in quarters.
Home improvement. It’s both possible and reasonable to make changes to a house you own. You’re responsible for making sure the water heater doesn’t explode, but this means you can replace the water heater if it’s the size of a small bucket. You’re responsible for cleaning gutters, but this makes sure that it actually happens. This may be more responsive, as well, especially if you’re reasonably handy.
Privacy. Even when renting a house, your landlord will almost always have the contractual ability to enter the building on fairly short notice (usually a day, sometimes less). Even good apartments let you hear more of your neighbors than you’d really want, and most apartments will have thinner walls than that. Especially valuable if you have odd hours.
Stability. Prices can change, sometimes significantly if you have a low-down payment mortgage, but the risks of being required by law to move are much lower if you own your home. It’s rare to be able to rent a house for more than five years, and you’ll usually pay a premium if you try. Likewise, things around you change more slowly : the friendly next-door neighbor is not likely to move out and be replaced by a bunch of college grads in housing areas, just because of how the transaction costs work.
Status.
No landlord. Rental agreements often have various levels of surprisingly strict regulations on behavior. If you want unusual pets, or satellite television, or a garden, you may well have to purchase to have the option.
Some reading : pro-rent and pro-purchase.