To Rent or to Buy? Save Your Savings
Renting has significantly lower upfront costs than buying.
Prospective homeowners are traditionally required to provide at least a 3.5% – 10% of purchase price as down payment. It takes time and hard work to amass that amount of money, and if and when you do, you may not want to give it away and start saving from zero again.
Renters have upfront costs in the form of security deposits, but those are negligible compared with the heavy weight of down payments and closing costs. Many people prefer to be free of debt, too.