I’m a Lifelong Renter by Choice: 7 Surprisingly Smart Reasons Why I’ll Never Buy a Home

“When are you going to grow up and buy a home?”

“You know you’re throwing money away on rent, right?”

“You’re not an adult until you buy a home.”

Those are just a handful of the phrases I hear on a regular basis.

I’m a 33-year-old renter. Many people take this to mean that I can’t afford to buy a home, but that’s not the case. My husband and I both work, and we have no kids—just two fairly spoiled dogs named Anya and Henry.

Our finances and income are solid, as are our credit histories. We have no plans to move anytime soon. There’s essentially no reason why we can’t buy a home—except for the fact that we just don’t want to. Why? Because over the years and through many heartfelt discussions with family, friends, and even a financial adviser, we’ve come to realize that becoming homeowners isn’t for us. Instead, we are a determined lifelong renters. And that’s because of seven compelling reasons, some of which may apply to you, too.

1. Renting offers more flexibility

I used to work for a major pharmaceutical company, and I hated it. So I decided to switch careers and work for a nonprofit, but doing so required me to move 1,000 miles from Pennsylvania to Florida. Since I was just renting my home, the move was pretty stress-free.

Consider, for contrast, what my options would be if I had owned a place—and hated my job, or was laid off. In that case, I would have been severely limited in my job search. I’d have had to find a new employer within a commutable distance to my home. Or, I’d have had to go through the arduous process of selling my home, praying that I would at least break even, and buying a new one to relocate to a new place.

That’s a risky proposition. Instead, I love the flexibility that renting gives me. If a career opportunity pops up on the other side of the country, all I have to do is pay two months’ rent to break my lease, and I’m free. It gives me intense peace of mind to know that I’m not stuck in one place.

2. I enjoy maintenance-free living

To say my husband and I are not handy is an understatement. I don’t know how to fix toilets, mend cabinets, or handle leaks.To move a mattress up to the second floor of our rental, I had to cut the bannister in half so the queen mattress would fit up the stairway. I thought I could just Spackle the bannister back together, but obviously that didn’t work. We spent the next year with a shoddily duct-taped bannister and rickety steps.

If I owned a home, I’d have to call a repairman to handle every little thing that went wrong. That could end up costing hundreds of dollars every visit.

That’s why I adore my apartment’s maintenance team so much. If my refrigerator breaks or if my air conditioner stops working, apartment staff are there in a few hours to take care of it. If those appliances need to be replaced, they do so at no added cost to me.

3. I get more bang for my buck

I absolutely love my town, Windermere, just a few minutes outside of Orlando. It’s cute, secure, and close to shopping centers. However, it’s also expensive. The median listing price in Windermere is $569,000!

My rent payment, on the other hand, is much less than what my mortgage payment would be on that home. And my apartment is huge. It’s nearly 1,800 square feet, has stainless steel appliances, hardwood floors, granite countertops, and a huge, dog-friendly patio.

My complex also has a state-of-the-art fitness center, saltwater pool, and even a salon and spa on the property. There’s no way I could afford a similarly sized home with the same amenities if I were to buy. Renting allows me to enjoy a much higher standard of living.

4. I’d rather invest my money

If I were to buy the above-mentioned $569,000 home and wanted to put down a traditional 20% down payment, I’d need a down payment of $133,800, plus closing costs. That’s a huge chunk of change.

Rather than deposit money into my bank account to save for a down payment, I prefer to invest that money in stocks and mutual funds each month. Right now, these investments are outpacing the housing market, so I’m earning more money playing the stock market than I would if I purchased a home.

Having that money available to me gives me a sense of security, too. I know too many people who lost the majority of their home’s value during the recession in 2008. Ten years later, many of them still haven’t recovered.

5. Housing prices are rising too fast

According to an analysis by realtor.com®, the monthly costs of buying a home have risen by 14% over the past year. By contrast, monthly rental costs have only risen by 4%. Homeownership is becoming unaffordable for many people.

Rental prices in my area—Orlando, FL—are far lower than they are in other areas. My rent has only increased by 2% the past three years. That stability makes me confident that I can continue to afford my home.

(If you need help deciding whether renting or buying is more affordable, check out a rent vs. buy calculator to see which option is cheaper in your area.)

6. Renting is more convenient

To buy a home that I could afford—where my monthly payment would be about what I pay in rent—I would have to move about 30 miles away from where I live now. That’s 30 miles farther away from my friends, the doctors that I trust, and the shops I enjoy. The areas I can afford are more rural, and are not as accessible to shopping centers or doctors’ offices.

The convenience of living where I do is worth enough to me that I’m willing to pay a slight premium to stay here.

7. Homeownership isn’t a goal for me

Traditional financial advice says that buying a home is a better choice than renting. However, that’s not always the case. For some people, like me, renting feels right.

As much as friends and family members may tell me otherwise, personal finance is just that—it’s personal. Not everyone has the same goals. I know many people love the idea of having their own home and their own land, and the freedom they have to modify their home as they wish.

That’s never been my own dream. I don’t get attached to houses. I’d much rather focus my efforts and my money on my other goals, such as saving for an early retirement and travel. To me, my home is simply a roof over my head.

See original article at: https://www.realtor.com/advice/rent/lifelong-renter-by-choice-why-ill-never-buy-a-home/?iid=rdc_news_hp_carousel_theLatest