There are many reasons why renters are happier then homeowners. Of course, this does not apply to all renters. Homeownership is the American dream, and many people hope to achieve this goal. Renters stuck living in another person's property may feel that homeowners enjoy the ultimate freedom. However, here are seven reasons why renters are happier than homeowners.
1. They Didn't Empty Their Savings to Buy a House
The fact that they didn't wipe out their savings to acquire a home is one of the reasons why renters are happier than homeowners. Buying a house is expensive. You have to pay at least 3.5% down, plus 2% to 5% for closing costs. For renters, there's only the expense of a security deposit and the rental application. Therefore, they can find a suitable house for their family and maintain their cash reserves.
2. They Don’t Have a Mortgage Hanging over Their Head
Homeownership offers a sense of stability. But at the same time, if you need to move for work or other reasons, it's not easy to pick up and leave. You have to deal with selling the house, which can take months depending on your market. The entire process is exhausting, and potential buyers may request extras, such as new windows, new carpet and other updates.
3. They Don't Have to Worry about Foreclosures
Renters experience financial hardships just like homeowners. But unlike homeowners, renters can usually get from under a costly house payment easier. Renters can move as soon as their lease expires, or they can work with the landlord to get out of the lease early. For homeowners, the only solution to payment problems is selling the home before defaulting on the mortgage — and selling can take months.
4. They Don’t Have to Worry about Home Repairs
Talk to any homeowner and they’ll say that home repairs are costly burdens. The water heater can break, another appliance may need replacing, plus homeowners have to constantly maintain other areas of the property. This isn't the case for renters. If there’s a problem, they simply make a call to the landlord.
5. They Can Enjoy Community Perks
Renters living in nice apartment complexes can enjoy a variety of perks, such as a community center, an on-site workout facility, a clubhouse and a swimming pool. Unfortunately, it can cost a lot for homeowners to acquire these items for their backyards. But depending on the community, being a renter is the equivalent of living on a five-star resort.
6. There’s the Opportunity to Pay Less
Of course, this isn't always the case, but in some housing markets across the nation, it's actually cheaper to rent than buy — especially for those who rent an older home. If they were to buy a similar house, they might pay several hundred more a month. But as a renter, they can get the most bang for their buck.
7. They Don't Have to Spend Their Weekends Working on the Lawn
Renters who live in private homes are responsible for maintaining the yard. But those who live in apartment complexes don't have to worry about mowing, trimming or blowing grass. The maintenance department is responsible for these tasks. Therefore, these renters can drive into a beautiful, well-manicured neighborhood every day — without lifting a finger.
There are certainly benefits to owning a home, yet renting also enjoy perks. At the end of the day, there's no way to know which group is truly happier. However, to ensure your happiness, you need to pick the housing situation that’s best for you and your family.
Which do you prefer, renting or owning?