The decision to buy or rent your home is about way more than just money. Here are six things to consider as you're deciding, via nprlifekit 👇
). But the decision to purchase or rent is about way more than just money. We walk you through six things to consider as you're making the decision.The average net worth of a homeowner is much larger than that of a renter, says Alanna McCargo, vice president for. In 2016, the average homeowner's net worth was $231,420; the average net worth of a renter was $5,200.
"You know, if anything, homeowners seem to experience a little bit more pain from their homes," Dunn says. Renters don't have to fix the water heater when it breaks, make sure their mailbox matches the other ones in the neighborhood, replace the roof every 15 years. Especially when you're younger, Dunn says, you may be happier having the flexibility to travel and teach English in Thailand and pursue other adventures like that, rather than spend money and time dealing with plumbing problems and leaky roofs.4. The flexibility of renting comes with a cost: Rent will always go up.
"Not to mention, every single month, you're paying something down every time you make that mortgage payment," says McCargo, thereby building your equity in your home and reducing your debt load.New Homebuyers Face A Friendlier Housing Market, Thanks To Cooldown
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