After nearly twenty years of homeownership, I’ve spent the past ten months renting an apartment. I like it. And I don’t. There are pros and cons to renting a place, just as there are pros and cons to owning a home. For me, one of the biggest cons is the close proximity to my neighbors — especially the guy upstairs, who stomps around like an 800-pound gorilla.

At first I thought that buying a home would also be a smart financial decision. The more research I do, however, the more I realize that the notion of homeownership as a magical path to wealth is a marketing ploy of the real estate industry. In fact, home prices (like gold prices) generally barely keep pace with inflation.

There’s no question that buying a house makes sense for some folks, but mainly for non-financial reasons. Owning a home gives you stability (you’re not at the mercy of a landlord) and freedom (you can do what you want with the place). But financially, it’s not always the best bet.

Discussions of home-ownership should be grounded in reality. Buying a home isn’t some magical financial panacea. You can waste just as much (or more!) as if you were renting, and you lose a lot of the flexibility and freedom you might otherwise enjoy. If you want to buy a home, do so. But don’t let anyone persuade you that you’re throwing your money away by renting.

As for me, I still plan to buy a home in the next few months. It’s not the best financial decision, but if I’m careful, I should be able to score a good deal, one that makes as much financial sense as renting. Best of all, once I own my own home, I won’t have to put up with the clump-clump-clump of a lead-footed neighbor upstairs.




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