Everybody needs a place to live and as we’ve seen the state of the housing market has fluctuated wildly since the start of the pandemic in 2019. The reality for many people who used to own homes is that between taxes and general loan prices, home ownership has become difficult if not impossible for many people. So, as we look at the state of things in 2024 it’s not surprising that many people consider renting the better option. So, let’s delve a little deeper into this situation and see why now the best time is to rent instead of purchase a place to live and what trends indicate for the future.
Following the worsening of the situation in the economy at large, it’s no surprise that many people are looking at alternate ways to make money and spend less money on housing. Believe it or not most of the average American’s income goes into housing and the numbers are similar in other Western countries. It’s no wonder that many people are seeing their prospect of home owning become not only impossible but something akin to a fantasy when it comes to planning their futures. The issues when it comes to homeowning ever been exacerbated by short-term rentals as well as long-term rentals being purchased by massive companies both in the United States and in Canada. This has become a problem in many States and the reality is that it will keep being a problem as long as there is no real investigation into the repercussions of these types of land acquisitions.
So, when it comes to getting a line of credit to be able to purchase a home it is difficult especially since most people don’t have any loose income that again put in savings to purchase a home in the future. When you listen to the average person’s spending power the reality is that often when it comes to housing renting is going to be the easier solution especially since it costs less month to month. While renting can be quite difficult for people since you must deal with the landlord as well as many other issues that come with the fact that you do not own the place where you live it does allow you to be able to rely on somebody else to cover some of the issues that could be incurred from living in a building. And while you pay rent you also avoid the issues that come from having a massive loan with the bank and also being a homeowner and taking care of a building.
If you are somebody with a rather low income, especially somebody who’s potentially still in school and working part-time it does become quite obvious that being a renter is much easier. Since a lot of their responsibility lands with the landlord you can also make sure that you have the best renters insurance to protect yourself in case things go bad with your relationship with your landlord or if some repairs are not done despite the landlord’s commitment. At the end of the day what you want is a place to live and make sure that both your belongings as well as your person are protected in case of an accident or any other things that your insurance can cover. Renting also ensures that you have a signed contract that allows you to be safe in your housing for the same period that is covered by the contract.
With the current state of the economy as well as the housing market it does make total sense to say that renting is the best option especially since owning a home is not in the cards for many people. Hopefully, in the future, we can see the housing market become more stable and allow more people to be homeowners but the reality is that right now if you are looking to house yourself renting is your best option for a low cost of living end to potentially be able to save your money for a cash down on the home in the future. Only time will tell how the economy fluctuates and how the housing market changes and while many people benefit from it others would benefit from a return to lower home prices.
