Why People Rent, Not Own, Part 2.
According to the Wall Street Journal, when asked what was their primary reason for renting, 49% of those aged 18 to 34 said they were not financially ready to own. Of those 35 and older, 26% cited that same reason. In the younger below 35 group, 15% said they rent because it is more affordable than owning, while 23% of the older renters cited that reason.
But in most markets – like here in the metro Phoenix area, owning a home can be a better financial decision, in part to the high cost of rent. Plus, as one real estate expert said, “a home owner with a 30-year mortgage has a paid-off home after 30 years; the renter has a nice stack of 360 rental receipts.”