Renting can be a financially savvy choice, contrary to the belief that it is a waste of money. Homeownership involves significant hidden costs, such as home maintenance, property taxes, and insurance, which can average over $21,000 annually. Renting often allows for more financial flexibility, since it eliminates many of these hidden costs, potentially freeing up nearly $1,300 each month. Through intentional renting, individuals can increase their net worth and avoid the financial burdens associated with homeownership.
Many people subscribe to the notion that renting is throwing money away, often citing the American Dream of homeownership. However, intentional renting can lead to better financial outcomes.
Owning a home includes costs beyond the mortgage, with home maintenance, property taxes, and insurance adding over $21,000 annually on average. This burden affects financial freedom.
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