Renting a home can be a more flexible and affordable option for those who are not ready or able to commit to buying a property. Also, If you are still undecided on where you want to settle, renting can be a good short term decision.

As a renter, you have no real freedom to customize a property to fit your needs. While you can ask your landlord to allow such improvements, it is typically not approved. You are also penalized if you damage or change anything about the property.

Renters have the freedom to move without the burden of selling a home & are not committed to any single area or property. This is a huge benefit to people who move often for work or will only be in an area for a set amount of time.

When renting a space, these repairs become the responsibility of your landlord or management company. As long as you take care of your living space, these are not your bills to foot! Not to mention - those property taxes are not your responsibility either.

Homeowners have more control over their living situation, they can make physical changes and improvements to the property to suit their needs.

Owning a home can provide long-term financial benefits, such as the opportunity to build equity and potentially earn a return on the property through appreciation. Furthermore, you can even keep the property and turn it into an investment as you outgrow it & move out!

However, owning a home also comes with significant financial responsibilities, such as a mortgage, property taxes, and maintenance costs.

Homeowners may be able to claim certain tax deductions, such as the mortgage interest deduction and property tax deduction, which can lower their overall tax bill.