“Renting is just throwing money away.”
“Renting is like paying someone else instead of
paying yourself.”
You may have heard these opinions from family
and friends, but it’s not that simple. In some
areas (looking at you, San Francisco), renting is
far more economical than buying a home. But
renting can be used to fatten your credit profile
as a steppingstone to your financial goals.
MILLENNIALS WANT TO BUY BUT
FACE BARRIERS
Millennials are delaying homeownership
and staying in rentals longer than previous
generations, multiple studies show.
Student debt — that bane of millennial
existence — is one factor pushing back the
age of homeownership. Rising rents and home
prices coupled with slow wage growth also
make it hard to save for a down payment.
The vast majority of Americans — 9 out of 10
— still equate homeownership with personal
success and economic security, according
to a survey released in July by the website
Apartment List. The survey of a nationally
representative sample of people found both
renters and homeowners believe there is a social
stigma associated with renting.