Top Benefits of Renting a House

Are you new to renting? Are you looking for a house to rent within your budget? You can start by talking to a renting vs buying home advisor. Housing is the largest monthly expense for most people. Your savings rate will be affected by the home you choose. Before you look at the rental market for houses, determine your housing budget. This should take into consideration both your needs and what you can afford each month. Add all housing costs to get an idea of what you can afford. Below are some of the benefits of renting. These benefits were evident to me when I was younger and had a lower income.

Lower Monthly Housing Payments

Renting has one of the greatest advantages: lower monthly housing costs. This is particularly important for people on fixed incomes and young people. Your monthly rent will not be as high as a mortgage payment to the bank unless you’re renting a large house that is worth hundreds of thousands. In the 1970s I rented rooms for $25 per month and the second floor of houses for $160 per month.

No Property Taxes

It is possible to pay very high property taxes in suburbia. While I owned a property in Howard County, Maryland, I paid $7,500 annually for property taxes. You don’t have to pay property taxes if you rent. Renters don’t own a house; they don’t need to insure it against storm damage or fire. When I lived in Maryland in 2007, …