By Yvonne McFadden
Why keep Renting? It seems cheaper to buy!
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o, renting has its perks, more so if you have a flexible lifestyle. You can move around, experience different places at any given time. In the long-term, however, you have to consider whether renting is financially feasible. It might not seem much at the time, but rent adds up over a long period and can be very financially draining. Besides, rent is money that you cannot get back. Money that is most probably paying off someone else’s mortgage and building them equity instead of you. Undeniably, buying a home is a considerable investment that requires a lot of capital. Still, when you consider the initial expense with the cost of renting, the two are pretty comparable.
is subject to change - subject to inflation. The uncertainty comes with the possibility of a rent increase that is most off-putting when it comes to renting.
And let’s face it, rent is never the same at any given period. Rent, unlike monthly mortgage payments,
The housing cost, pre-pandemic, was rising, something that the pandemic has made worse.
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Rent has risen by 37 percent since 2000, which experts expect to go even higher post-pandemic. It is forecasted that rent this year could be higher than it would have been if the pandemic never happened. In 2020, renting Americans enjoyed rent reductions and, in some cases, lived rent-free as their landlords struggled to fill empty units. However, with the economy recovering and as more people get vaccinated, landlords will hike their rents.
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