"If your whole thinking is like, 'oh, I should buy a home because I'm at that age, and I should buy a home,' I don't think that's a good reason to own a home,"
"You could rent a much nicer space for yourself than you could own one,"
"It just makes a lot more sense to rent,"
Many young adults aspire to homeownership but face affordability barriers that make renting a more practical option for many. Mortgage rates remain around 6 percent and national home prices are approximately 55 percent higher than at the start of 2020. Renting saves more than $900 per month on average and is more affordable than buying in 49 of the 50 largest U.S. metros, with Pittsburgh the only exception. Renting can deliver higher-quality living for the same monthly cost, while ownership entails added expenses such as insurance, repairs, property taxes, and HOA fees. Buying solely because of age or expectation is economically questionable.
Read at Fortune
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