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7 Signs You Are a Renter for Life

We’ve all heard that owning a home is the American dream, but boy has that dream gotten expensive.  Real estate is making a furious comeback after the recent housing collapse and prices are up 20-50% in most major markets across the US.  Add that to a slowly recovering economy and not everyone can afford to buy a house anymore.

Related: Rent vs Buy?

A lot more people are renting these days because of increased housing prices and they’re finding that there are some awesome benefits to doing so.  You’re not tied down by your house and you have the freedom and flexibility to upgrade or downgrade as you see fit.  If you’ve come to enjoy renting, you might a be a renter for life.

Here are 7 signs that you may be a lifetime renter:

You Like Your Freedom

This is the big benefit when it comes to renting.  You’re free to move whenever and wherever you want.  A lot of people are hampered by their home when it comes to relocating for work, school or personal choice. But if you’re renting none of that is an issue.

Related Article: 5 Places to Live if You’re Young, Broke and Single in the South

You Like Nice Things

If you’re the beach type, it’s way cheaper to rent a place by the beach than it is to buy a place by the beach.  Generally, the buy vs. rent spreads tend to increase as you go inland.  So while you might not be able to afford to buy that ocean view condo, renting could definitely be a possibility.

You Don’t Like Risk

Renting will always be less risky than buying.  If you lose your job, you can always downsize to a more reasonable apartment.  But if you own a house with a 30-year mortgage and you lose your job, you could be in some trouble.

Related Article: 5 Signs You’re Not Ready to Buy a House

You Don’t Have the Downpayment

Since lending laws have gotten stricter in the past few years, most banks require larger down payments.  And if you want to buy a house in the traditional manner, you’re going to have to put 20% down.  That’s a lot of money. If you don’t have that money or you’d rather invest it elsewhere then renting is perfect for you.

You Don’t Like Surprises

There are a lot of hidden costs that go into owning a house and you’re not responsible for any of that as a renter.  The water heater doesn’t wait until you have your bonus to break. In a rental property, if anything breaks, it’s up to your landlord to fix it and you won’t have to worry about or pay a thing.

Related Article: 5 Yachts that are Cheaper Than San Francisco Apartments 

Your Job Won’t Let You Buy a House

A lot of workers who are involved in cyclical, temporary or contract type job prefer to rent. Perhaps your line of work has you jumping around the country (or the world) every 2 years.  If your job fits that description, you’re probably going to be a lifetime renter.

You Don’t Like Worrying About Maintenance

Have you ever mowed a lawn?  It’s not as easy as it sounds and can be time consuming. The nice thing about renting is that you will never have to worry about lawn care or anything like that.  All of that is usually included in your rent.

Related Article: Affordable Housing Hard for Renters to Find

Photo Credit: flickr.com/photos/highlyacoustical/

Harry Campbell Harry Campbell is an aerospace engineer by day and personal finance blogger by night. He runs his own personal finance blog at Your PF Pro and is a freelance writer. Harry's expertise includes retirement, credit cards, home buying, higher education and side hustles like ridesharing. His work has been featured on Zillow, Credit Karma and CreditCards.com. Harry currently resides in Newport Beach, CA and enjoys biking and playing beach volleyball in his spare time.
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