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Is Renting Replacing Home Ownership?

While homeownership rate in the U.S. has risen slightly since attaining a 50-year low in 2016, it’s at a generational low at 63.7%. Consequently, more people are opting to rent instead of buying their homes recently compared to the past.

Whether you choose to rent or purchase your residential place is a huge decision. It doesn’t merely influence the amount of money you have left end month. You’ll discover it affects the savings you accumulate over time and your lifestyle as well.

People purchase homes when they’d be better off financially if they rent. Similarly, people opt to rent because of the minimal responsibility and flexibility this option offers even though they’re likely to amass a bigger net worth over time if they purchased a home.

Of the two choices, the bias frequently leans toward ownership. After all, it’s a huge business for everybody from real estate agents to mortgage lenders and home improvement stores.

Nevertheless, homeownership isn’t generally better than renting, nor is renting simpler than ownership. Here’s a list of reasons why more Americans are opting for rental communities instead of ownership.

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