“You’re renting? You’re throwing your money away!!”

Well… Maybe you’re not. As a personal finance nerd and a renter, I have had many outsiders tell me I’m making a financial mistake by renting and not buying. Here are some more phrases I’ve heard and maybe you have too.

“A house is an investment.”

“You could get a mortgage for as much as you pay in rent.”

“You might as well get a mortgage so you’re paying yourself and not someone else.”

Sure, owning a home is a dream of mine! But owning a home has a lot of mis-conceptions that many don’t think about. The cost of housing is more than just a monthly mortgage payment. There are additional costs like HOA fees, PMI, insurance, property taxes and maintenance. And all should be included when figuring out the true cost of home-ownership.

Owning a home isn’t a bad thing, but I personally don’t view it as a true investment. Many will share stories of how much their house appreciated in value, which is great, but there was more money that went into that house besides the initial sticker price. Adding up all those maintenance costs over the years of ownership can really eat away at those “appreciation” profits.

While I don’t necessarily few home-ownership as a financial investment, I personally want to be a home owner for the quality of life that it brings with having a yard, space for a family, and no super close neighbors like apartments.

With that being said, renting is a super great thing for a season. We have been renters for the last three years, and plan to rent for at least another year. Do we want a house someday? Yes! But we want to make sure that we are fully prepared before we dive into the financial commitment of a house. We want to make sure it’s something we can fully afford and are ready for.

If you’re a renter, don’t be discouraged! Renting can be a really great thing. So here are 3 reasons why I love renting!

1. While Figuring Out Life 

One thing I love about renting is that it gives you flexibility while figuring out life. Whether that’s determining what city you want to plant roots in, or discovering your career path, renting is a great option!

We’ve lived in 3 different suburbs in the Portland area over the last 3 years as we figure out where we want to plant our roots and grow our family. It has allowed us the flexibility to figure that out as time goes on. I’m thankful that we didn’t end up buying in the first city we were renting in.

It’s also great as you move up in your career. We personally want to have shorter commutes to work. So as we are growing in our careers and have changed companies, it’s been nice to be renters so that we can adjust our location to that perfect job.

2. No Maintenance Costs

Yes, this is semi-built into your rent costs. But it’s a relief to not have to worry about paying for the maintenance of your living space.

Our dishwasher got clogged during the second month of our current lease. It was gross. But instead of worry about it or the cost, we called maintenance and they were here the next day to fix it.

Maintenance is a HUGE cost of home ownership! When the hot water heater goes out, need a new roof, the garage breaks, all cost a large amount of $$. But that’s not a worry when you’re a renter. This is especially great when you’re on a debt-free journey and can focus solely on paying off debt instead of worrying about home maintenance.

3. Renting Buys Patience

When people tell you that being a renter is throwing your money away, you let them know that renting buys patience! You are being patient until you get to buy a house some day.

Renting allows you to focus your attention on accomplishing other financial goals and not worrying about the maintenance and additional stresses that home ownership brings. You can focus on paying off debt, saving for an emergency fund AND a down payment on a house while renting.

For us, the cost of rent for an apartment is substantially less than a mortgage and other household expenses for the house we’d want. So right now we are buying patience while renting so we can have extra income available to focus on our financial goals.

Renting Is Great!

These and so many other reasons make renting great for a season of life! So when you’re working that budget and your financial goals, don’t let anyone make you feel bad with renting. You just tell them that you’re buying patience and will be there someday.