More people should be renting rather than buying a home. Why? For some people, renting their home is the key to building wealth.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the financial benefits of renting over buying a house.
Topics Discussed:
- 5 Big Reasons for Renting vs. Buying:
- Shorter time horizon for training (5 years or less)
- Transaction costs of buying and selling real estate
- Real estate prices can go up or down
- High-Cost Living Area: Too expensive to buy a home; renting is better
- Homeownership requires more time, money, and effort than renting
- Deal or transaction of buying a home is part of lifestyle creep
- Benefit from having financial flexibility
- Shorter time horizon for training (5 years or less)
