Owning a home gives a person a sense of pride, and a sense that you are building a future for your family. But, with the economy faltering, home sales plummeting to new historic lows, unemployment seriously high, owning a home isn’t as great as it used to be.

People are losing their homes due to the economy, and are instead renting homes, apartments, townhouses, and condos. There are still good reasons to rent rather than own a home.

Seven reasons to rent rather than own a home:

1.  Don’t pay property taxes

With the cost of nearly everything surging upwards today, buying a home usually sees property taxes going up. It doesn’t matter if the just bought home is brand new, or very old, when the area around the home suddenly gains new developments with a new mall, or new movie theaters, property taxes will go up to pay for the new sewers, new police enforcement, and new roads. When you rent a house, you do not pay property taxes. Property taxes will be included in the rent. But, you will not get socked with a bill from your town raising the property taxes by thousands.

2. Replacement costs

When you own a home, you have to pay for the maintenance and replacement costs of everything. When a water heater stops functioning while living in an apartment, the landlord must replace the non-functioning water heater. While renting an apartment, the renter does not have to pay for a new roof to be put on the house, the landlord does.

3. Maintain the home, and the yard

A homeowner must maintain the home, and the front and back yards. A renter does not have to maintain a yard, or the rental. A person renting an apartment only has to keep his home clean, and in good shape. But when owning a home, the homeowner is responsible for everything on his property. The landlord usually, takes care of yard maintenance, and all maintenance problems that occur with owning apartments.

4. If you don’t like it you can move

Buying a home means you have to live there until you can afford to sell the home. Usually that means building up enough equity in the home and then buying a new home after making money from the sale of the first home. This means once you buy a home, you have to stay there. But, when you rent an apartment and you do not like the area, or the neighbors, you can move to another apartment. Once the lease is up, you have the option of not renewing the lease.

5. Have more options

Depending on where you live, you may have more housing options when renting. You may be able to choose a newer, less expensive apartment, rather than buying an older, outdated, home. You can rent a place that is more suited to what you really want. Older people on fixed incomes can rent apartments in a retirement community, rather than buying a home. A young couple with no savings can live in an apartment until they save enough money to buy a house. 

6. Not responsible if person gets hurt

A homeowner will be responsible if a person becomes hurt on his property. If a person trips on a sidewalk he owns in front of the house, the homeowner can be sued for damages. When a person trips in front of an apartment dwellers home, the landlord is liable for the damages.

7. Relaxation

When you rent an apartment, you have more time to do what you really want. You can relax while watching someone else mow the lawn. You can socialize more often. You can indulge your hobbies by writing, painting or joining a group or club. You will probably have more money to spend on what you really want to do. You won’t be spending it on upgrading your home, or replacing anything so you will have more money and more time to have some fun.

Reasons for renting an apartment rather than owning a home are plentiful in these tough economic times. Owning a home is expensive, with incurring a down payment, taxes and insurance, upkeep and maintenance costs. It is cheaper to rent, and may be more fun and relaxing for you.