Report suggests it’s better to rent than own a home

Let’s face it: there’s a lot of worrying and sleepless nights when owning a home. There are a lot of costs that come with being a homeowner, especially when compared to a renter. Meanwhile, renting an apartment comes with fewer headaches, less costs and a lot more flexibility than purchasing a $650,000 house. Of course, in today’s economy, there is a low vacancy rate and rental prices are skyrocketing (SEE: Homeownership rate hits lowest level in 25 years).

This article from MainStreet.com suggests that it could be better to simply rent an apartment than own a home. It listed five reasons, and here they are:

1. You receive a lot more perks (gym, pool, maintenance) and fewer worries (broken water faucet, weeds on your lawn and frozen pipes).

2. Houses are illiquid assets and there is no guarantee of making a profit on your home.

3. Renting offers you greater mobility and flexibility.

4. You throw money away on closing costs, real estate fees, mortgage interest charges and so on.

5. Being a renter allows you to participate in a ready-made community.