Buying vs Renting: The Debate

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Recommended: Compare and contrast renting a home versus buying a home

Renting VS Buying: The Debate

Some individuals may believe that buying a home is part of the American dream and that renting an apartment does not compare, yet satisfied renters would disagree. Even though owning a home provides a sense of security while allowing modifications without permission, renting is preferred more often over buying because the expense of updating, monthly payments combined with utilities, and paying insurance on a home comes with a high price tag. A homeowner does have several luxuries such as forming lasting friendships with their neighbors, making landscaping changes to their yard, painting and designing their home. While that remains true, renting an apartment comes with several different options and amenities that are just as convenient as buying a home.

Apartment complexes have begun to form into small communities where they have several luxuries including indoor pools, game rooms, weight rooms, personal trainers, security systems, and indoor parking garages along with dozens of other options to choose from according to the National Multi Housing Council (Council, 2011). Since a homeowner would have to spend thousands of dollars to obtain these items, having those amenities available in an apartment has become a better option than buying a home. Homeowners often have more living space in their home and this can be an important advantage over renting an apartment. The National Housing Council stated that “Bigger apartments combined with new designs, conveniences and amenities are revolutionizing apartment living.” (Council, 2011) This suggests that apartments are being designed to allow more space for renters while still including and adding amenities that were not available in the past...

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...only way to live a happy fulfilling life or to live the American dream. Renting an apartment has become one of the best ways to save money, form a bond with a small community of people, and have the luxury of amenities that otherwise could not be afforded in the average household.

Works Cited

Council, N. M. (2011). Rent vs. Own. Retrieved October 13, 2011, from NMHC: http://www.nmhc.org/Content/ServeContent.cfm?IssueID=10&ContentItemID=1149&siteArea=Topics

Minneapolis City Council. (1997-2011). What to Know About Permits. Retrieved October 25, 2011, from Minneapolis City of Lakes: http://www.ci.minneapolis.mn.us/mdr/permits/WhatToKnowAboutPermits.asp

Tse, K. Q. (2011, May 11). Is It Better to Buy or Rent? -Interactive Graphic- NYTimes.com. Retrieved October 23, 2011, from www.nytimes.com: http://www.nytimes.com/interactive/business/buy-rent-calculator.html

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