Buying a house has traditionally been a major step into adulthood. However, times are changing along with the real estate market. Today, 34 percent of America’s general population rent their home, according to RentCafé. That means over 100 million Americans make the choice to rent their homes, apartments, and other properties around the country.
The reasons behind their choices are diverse, but more and more, people are recognizing the positives of renting long term instead of buying. Some may never want to make the switch! Not only is renting more affordable, but your home is easier to maintain, and renting gives you more freedom. Sound intriguing? Read on and learn more.
Owning a home means that you are responsible for all the household costs. Maintenance, insurance, taxes, and repairs all add up quickly, not to mention surprise expenses lurking until you least expect them. Renting, in contrast, is a set cost. That could be why in 2019, 82 percent of renters said they considered renting the more affordable option between the two.
From the beginning, the process of signing a lease is much less expensive than buying a home. When you purchase a home, you pay a down payment of around 20 percent of the purchase price. Renting only requires a deposit, usually about one month’s rent, which has the possibility of being returned to you when you move out depending on the condition of your home when you leave.
The costs of owning a home also build up over time. Homeownership requires insurance and property taxes that are quite high. Renters insurance is more manageable, and no taxes are required when you rent. To put it in perspective, according to a 2017 study by the Insurance Information Institute, the average renters insurance policy costs $180 per year, while the average homeowners policy costs $1,211.
Life happens. That means things break or wear out over time, especially some things that are not so easy to fix on your own. When you need help, you can know that, as a renter, you are taken care of—that someone else is responsible for making repairs. At Yorba Linda Pines, our team of trained professionals is prepared to help when something is broken or in need of repair. Our staff wants to make sure your home stays in its best condition, so you can be comfortable in your space.
Renting’s biggest benefit is possibly the freedom to live wherever you want. Signing on to a mortgage means some 30-odd years of commitment. A lease is comparatively short. Robert Pinnegar at The Washington Post sums it up succinctly. “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
We don’t want to see you go, but at Yorba Linda Pines, we know life’s path may lead you somewhere new. But we do want to see you taken care of wherever you go, so we created our loyalty bonus: If you choose to move from Yorba Linda Pines to another AMC property or vice versa, we offer a $250 gift as a little head start for you in your new home.
With lower costs, fewer responsibilities, and greater freedom, it is clear why the millions of Americans that rent choose to do so. At Yorba Linda Pines, we think coming home should be the best part of your day; if the positives of renting pique your interest, give us a visit and see what renting can do for you.