This can be a very hot topic for some and I personally believe that there is no right or wrong way. I see both side of renting and being a home owner. However, the biggest thing with owning or renting a home is that it has to fit your life style and being affordable too.
So I am going to write about the reasoning with why our family rents our home instead of owns.
1~ our rent is cheaper than a mortgage would be for us in the area we currently live in. We could own a home for the same as our rent if we move 2-3 hours north of our location now.
2~ The resources for my children, especially my son who is on the spectrum and has many other struggles are more available than the location much more north than us.
3~ Our medical access such as GP, Dentist, Chiropractic etc is all within walking distance. This is great for a family like ours who only has one car and I do not have my full licence and do not plan on it in the near future.
4~ Our rent is at an affordable rate for us to pay off our loans we acquired during some medical issues with our oldest child and some vehicle repairs we werent prepared for.
5~ Th schools in our area are very well maintained and have a great parent volunteer/involvement ratio. Our current one my son attends for Kindergarten is within walking distance. I have heard schools in smaller town and farther up north dont have the same budgets because of less fundraisers etc.
6~ With a lower rent vs mortgage we can afford good quality things for our selves and children.
7~ We do not have to worry about something needing to be fixed or renovations. We might of been able to afford a mortgage just slightly if we penny pinched for our area, but we would not be able to afford our up keep of the home or anything else for that matter like dental etc.
8~ To comfortable afford a home like I said before we would move north and lose our community we have grown to know and love. We know 7 families on our street and surround streets combined that we have created a group/community for one another. Its very helpful on many levels.
9~ We live in a house and not an apartment. So we do get to experience a house, a nice size back yard without the added costs of owning our own home in the area.
10~ its very convenient for my husbands work and moving more north(where we could afford a home) would mean a 3 hour commute which would up our monthly gasoline budget. With that added cost it would be like a mortgage in our area already.
11~ We do not have a down payment large enough for homes in our area or north of us. Perhaps one day it may be possible, but it is a mandatory 10% down paymemt and with a 700k home thats 70k as a down payment, not something we have laying around. Or can manage to save over time. By then we will be old and retired.
12~ We have the flexibility to move easier than if we had to sell our home and move.
So do you rent or own your home. Did you do either geared to your life circumstances like finances or location?