Buying Vs. Renting a Home Essay

Real Estate in America is at an all time low. Is this an advantage or disadvantage to the million os people across the country? Renting versus buying a home is dependent upon an individual’s needs or lifestyle, but is conflicted by the American Dream of self-proprietorship. In the past, renters were most commonly college students or couples saving money to buy there first home. Today millions of people rent expensive homes, condos, and apartments, without an intension to ever purchase a home. On the other hand, mortgage rates are at an all time and the prices of homes has dropped considerably. For most people interested in buying a home, they can use this to there advantage and buy a home with more luxuries and features then they previously imagined.
Renting can be easier and less stressful for many people, especially other people. The cost associated with maintenance, and the ability to do so, can be daunting for most. “Many homeowners who can’t sell there homes have become landlords. And some investors have purchased foreclosed homes and turned them into rental properties.” ( quote ) Although renting may seem easy, some landlords will not approve you if you have bad credit or bad rental history. Because of the ease of renting a home, landlords have devised a system to help find good renters, therefore making the process longer. Not having a job or a stable source of income can also worry a landlord. Renting has additional disadvantages such as limiting the changes a renter can make in the home. Some landlords will not accept pets, children, or a single hole in the wall.
On the other hand, owning a home can be less expensive than rent. Dependent upon the presence of a down payment, or good credit, an individual is able to purchase a home and pay the equivalent of rent towards a home of their own. Some states or government programs exist to aid individuals and families in purchasing a home with very little or no down payment. Buying a home is an investment...