When renting is a better choice. Even for people with the means to buy an expensive home, opting to rent instead sometimes makes more sense. People looking to move to an unfamiliar city, for example, might prefer to rent while they decide if they like an area enough to make a multi-year commitment. Similarly, millennials who want the flexibility to sample a variety of communities or downsizing empty nesters who aren't sure where they want to live next might also be better off leasing a home. But history shows that when people are ready to settle down someplace, there is a good chance they will want to buy, NAR Chief Economist Lawrence Yun told Mansion Global. âThe long-term pattern has shown that once people reach a certain age, they like to have a secure home base,â Yun says. âWe may still see that [high-income renters] want to settle down eventually.â |
