Renting vs. Owning Property: How to Make the Call?
Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
According to a recent Rent.com survey, 69 percent of families have moved at least one time during their children’s life.
Eighteen percent have moved at least three times.
When it comes to households, two things have been happening during this recent Great Recession.
First, folks aren’t moving. According to census data, fewer people have moved in the last five years than in prior years.
Second, the number of households is shrinking as families lose their homes and move in with other family members or friends, a practice sometimes known as household sharing.
The total number of households and the percentage that move each year are important factors in your decision to rent or buy your next home.
The shrinking number of households means that there are fewer buyers and renters in many locations. That could mean you’ll pay less to buy or rent. But the ratio of renters to buyers won’t be the same in every neighborhood. If a neighborhood has a lot of foreclosures, you might be hard-pressed to find a rental (because banks don’t want to be landlords), but you might get a great deal on a foreclosure as a buyer. On the other hand, fewer renters could mean you can rent an amazing house or condo for very little money each month.
The fact that people aren’t moving as often as they were means you might have trouble finding property to rent in some neighborhoods.
What other factors are important in this decision to buy or rent?
You should buy your next home if
You should rent your next home if
Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and at the Home Equity blog for CBS MoneyWatch.
Why Mortgage Lenders Pull Your Credit History Twice
How to Save More Money at Home
Is Now the Right Time to Buy a Vacation Home along the Gulf of Mexico?
Want a Principal Reduction Loan Modification? The New Home Affordable Modification Program (HAMP) Rules You’ll Have to Live By
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.