New data from Realtor.com has revealed why renting is cheaper than buying a starter home. This article will provide three reasons why renting is cheaper
Why renting is cheaper? (Photo: Debt.com)
Why renting is cheaper?
Owning a home may not be for everyone no matter how many Americans’ lifelong dreams may be.
Investopedia reported that homeownership in the U.S.A. has a high rate, though, historically, it was not the case as owning a home has been advantageous for families before.
Now, data from Realtor.com has revealed why renting is cheaper than actually owning a home.
Here, The U.S. Sun has provided reasons why renting is cheaper.
One of the two reasons why renting is cheaper is the mortgage. What is a mortgage and why do we need to consider it when choosing a home? A mortgage is a type of loan used to purchase when purchasing a home. This is very much needed to consider when you want to buy a home.
As mortgage is important, it is also important to know its rates. According to an economist from Realtor.com, the rates of mortgages are rising when one is choosing or buying a home.
Another reason why renting is cheaper is the taxes. Homeowners need to face extra costs when they have their own home, such as property taxes and maintenance. Nobody wants extra costs, right? This is why renting is cheaper.
When you are renting you won’t have to worry about maintenance and property taxes. Now, considering the mortgage, maintenance, and property taxes, would you still want to rent?
