The Benefits of Buying vs. Renting (At a Young Age)

bruce-mars-FWVMhUa_wbY-unsplash-scaled | The Benefits of Buying vs. Renting (At a Young Age)


The Benefits of Buying vs. Renting (At a Young Age)

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]The Benefits of Buying vs. Renting (At a Young Age)

The decision to buy a home or rent one is a big one as a young person — and, depending on who you ask, you’ll get hugely varying opinions. The thing is, both decisions are big ones. Choosing to rent a property can be a great choice for others, and deciding to become a homeowner can be an excellent pick for the rest. No matter who you are, you’ll probably want to know: what’s the difference between buying vs. renting at a young age?

In the United States in particular, the rental market is huge — especially among young people. In fact, Statista shows that a whopping 49% of renters are aged 30 or under. An additional study by ApartmentList shows that up to 1 in 5 millennials think that they’ll rent forever — and that 69% of those renters don’t think they’d ever be able to afford to purchase a home.

While we’re definitely of the mindset that you should do what’s best for you, we’re also big fans of buying homes at a young age — if it makes sense for you. Here’s what you need to know about the benefits of buying vs. renting as a young millennial:

  1. Buying a home can be a great long-term investment.

When you buy a home, you can often return an investment big-time. Your asset — or your home — will often gain value the longer you live in it, giving you a chance to recoup your payments and then add additional money to your own bottom line. While buying a home always carries a fair amount of risk, it can still be a really beneficial investment over the years… especially as you continue to gain equity.

  1. Homeownership can help with stability. 

When renting a home or an apartment, you’re never able to ensure your stay forever. No matter how great of a spot you have or how wonderful a landlord you deal with, renting a home is always temporary. When buying a home yourself, you’re able to ensure stability long-term — and, if you choose to rent out your owned home, you’re able to ensure financial stability as well.

  1. There are big tax benefits to homeownership.

Tax season definitely favors homeowners, as you can deduct property taxes and even home equity debt. While you will take on a financial burden when you first buy a home, tax benefits are a great perk of home ownership. Tax breaks can be helpful no matter who you are, and the credits, benefits, and deductions available to you as a homeowner aren’t available otherwise. 

Most importantly? The right lender can make or break your homeownership experience.Buying a home is one of the biggest decisions you’ll make, and choosing the right lender is a massive part of that. At VRM Lending, we put you first every single time in each step of the mortgage process — and we always will. If you’re ready to start the home buying journey, we’re here to guide you. Contact us today. [/vc_column_text][/vc_column][/vc_row]

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