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Renting vs. Buying a Home |
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To Buy or Not to Buy... This is the question many young adults face when it comes to a home or a car. Once you start earning a good, steady income you'll most likely face this decision: Should I buy my own home instead of paying rent to someone else?
Most people want to own a home. Homeownership often is referred to as "the American dream." Why is it so special? Among the reasons: Real estate often is an excellent investment, perhaps the number one source of wealth building for families. Owning your own home also can be a great source of pride and stability. But homeownership may not be for everyone. It's a big financial commitment — starting with the initial shock of your purchase (including a "down payment" and fees paid to a real estate agent, the lender and others) followed by years of monthly mortgage payments, real estate taxes, property insurance and maintenance costs (such as lawn care and home improvements). How can you learn more about renting vs. buying a home, as well as your rights and your responsibilities as a renter or a homeowner? A good place to start is www.mymoney.gov, the new Web site for financial information from the federal government. Or, go to the Web site of the U.S. Department of Housing and Urban Development (HUD) at www.hud.gov, which has answers to common questions from renters and first-time homebuyers, a calculator you can use online to compare buying vs. renting a home, and links to homebuyer assistance programs across the country.
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