Today we salute you, come back. Many times, homeowners will give you a long speech about what a great opportunity homeownership is and how renting is “throwing money away” when you could be building equity. Actually, the New York Times (ever heard of them?) developed a rent-or-buy calculator, and in Atlanta, they’re both the same for about five years. If the value of the home does not depreciate and the rent does not increase significantly, the costs between renting and owning balance out until the sixth year, when the savings of owning a home accumulate. At the six-year mark, you’ll be saving about $745 a year, or about $62 a month. Although this is something, it is still not momentous. And it also depends on what you are prepared for financially and emotionally.
Now that the pressure and guilt are gone from your shoulders, you can smile while your newlywed friends look at you with pity. You can smile when your mom tells you it’s time to settle down. The fact is, you’re like that old Lynyrd Skynyrd song, “Freebird.” A mortgage, yard work, and HOA fees don’t tie you down. And while you may be ready for that one day, it might not be a bad idea to rent right now, especially while you’re still waiting to see if your new social media/pottery class/band beta works out. Smile inside, come in. The world will soon be yours.
Now that we’ve proven that renting is awesome, you can start looking for your new apartment.