Money Myth 2: Buying is Better Than Renting
Have you ever heard this money myth? Buying is always better than renting. Buying a house is a safe investment and renting is just throwing money away!
Well, this is not always true! That’s why I call it a myth.
Buying can be better than renting, but only under certain circumstances!
I’d encourage you not to buy a house until you can pay at least 20% of the purchase price as a down payment and your mortgage is no more than 20% of your budget.
And while renting doesn’t allow you to make money back on your investment, you do need to have a roof over your head. So it’s hardly a waste of money!
Remember, the earth is not our real home, so make a decision that best meets your budget and then be grateful for what God has provided.
To learn more about your finances, visit crown.org/money