Patriot Federal Credit Union

Pros and Cons of Renting vs. Owning a Home

Wondering if you’re better off continuing to rent or if you should start putting your resources towards buying a home? A lot more goes into answering this question than just, “which costs more, rent or a mortgage?” There are pros and cons to each that you should be aware of before making such an important financial decision.

pros of owning vs renting

Renting a Home or Apartment

Renting often has a negative connotation because of the stigma that “you’re just throwing money away.” While putting money towards an investment is great, renting is definitely not “throwing money away.” You have to live somewhere, which usually costs money in one way or another, whether you choose to rent or buy.

Pros of Renting

Cons of Renting

All in all, renting can be a great idea if you don’t intend to stay in a place for very long or if you can’t afford to purchase a house in your current situation. Don’t think of it as “wasting money” because you have to live somewhere. In the long-term, buying a home is more profitable and more stable, but if you’re not ready for that responsibility or commitment yet, renting is always an option.

Owning a Home

Many people’s definition of “success” is happily settling down in a community and becoming a proud homeowner. The prospect of buying a home is an exciting one – are you ready to achieve the American dream?

Pros of Owning a Home

Cons of Owning a Home

Owning a home gives you something you can’t beat – a sense of pride in accomplishing the great hurdle of becoming a home owner. Putting your money towards an investment, and not just a temporary arrangement is also very advantageous. At the same time, if you’re not ready for a home, renting is not “wasting money” and is a good stepping stone before buying a home. It is important to make sure you’re ready for the responsibility of a home, instead of making the choice because of outside pressures.

Learn more about the process to homeownership at Patriot Federal Credit Union

If you’re ready to take on all the perks and challenges that come with being a homeowner, but aren’t sure where to start, Patriot can help. Visit our website, stop by one of our branches, or call us at 717-709-2580 to speak with one of our friendly and knowledgeable mortgage consultants. Our job is to make your dreams of homeownership come true. No matter how familiar or unfamiliar you are with the home-buying process, we want to be there with you every step of the way.

You can also check out the Home Loans section of our Learning Center for more helpful information on purchasing a home and what to expect.

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