By Jake Breen
In America, homeownership has always been considered a lofty goal, a dream that millions upon millions hope to make real. However, before these would-be buyers find homes, they usually rent. In the age-old rent vs. own debate, each generation seems to have its own idea about what is right. Baby Boomers tend to ask, “Why rent when you can own?” And millennials typically assume it’s always better to rent than own, at least when you’re first entering the job market and disposable income is limited. As rates of homeownership fluctuate, economists look to these differing ideologies to try to figure out just where America stands.
So, when is it better to rent than own? In the long run, it’s always better to buy. Buying a home is an investment in your future. However, many factors come into play when purchasing a home including timing and local market conditions.