In some countries, most people prefer to rent their homes rather than buying them. What are some of the advantages and disadvantages of renting homes?

In many countries, residents still prefer to own their homes;

however

Linking Words

, in the more developed countries, they prefer to

rent

Use synonyms

rather than own because of affordability factors,

property

Use synonyms

taxes, and maintenance costs.

In

Linking Words

addition

Use synonyms

to financial barriers, changing culture is another

influencer

a power to affect persons or events especially power based on prestige etc

influence

. A lot of people, these days, are migrating for jobs;

therefore

Linking Words

, it does not make much sense for them to stay anchored to a particular location by acquiring

property

Use synonyms

there. There are several advantages to renting. For a small family, renting a

property

Use synonyms

helps them keep their expenses in check by avoiding

mortgage

Use synonyms

interests,

property

Use synonyms

taxes, and expensive maintenance.

For example

Linking Words

, in the state of Texas, USA, residents pay as much as 10 to 12 thousand dollars in

property

Use synonyms

taxes a year.

That is

Linking Words

roughly the same amount they need to

rent

Use synonyms

a two-bedroom apartment.

In

Linking Words

addition

Use synonyms

to taxes,

mortgage

Use synonyms

interest could be anywhere between 8% and 12% for a family with average credit scores. Even though

mortgage

Use synonyms

interest is tax-deductible in most countries, it is something the family needs to cough up each month.

In

Linking Words

addition

Use synonyms

to expenses, flexibility is another significant factor. The job market trends are evolving all the

time

Use synonyms

and the demand is shifting from one city to another. The cost of moving is much less if the residents are renting rather than owning; owning

also

Linking Words

restricts cash-flow temporarily because selling a

property

Use synonyms

takes

time

Use synonyms

. On the flip side, there are several disadvantages to renting that people should take into account. In the past, families remained integrated because of their ancestral homes and its emotional value. We are already seeing that families are drifting apart because they do not have the anchor to hold them together through

time

Use synonyms

.

In

Linking Words

addition

Use synonyms

, those who live their entire life in rented homes spend a considerable amount of money on

rent

Use synonyms

which could have been saved for their retirement. For many, it is helpful to fully own the

housing

Suggestion

house

to manage through the ups and downs of retirement.

Finally

Linking Words

, monthly

rent

Use synonyms

is an expense as opposed to

mortgage

Use synonyms

payments that build assets / equity for the owners. Over

time

Use synonyms

, an owned

property

Use synonyms

is another asset that holds financial value. In conclusion, there are many advantages and disadvantages to renting and owning a

property

Use synonyms

. Those who are in the decision-making process should carefully weigh the pros and cons before making a decision, rather than simply considering the monthly expenses.