Summary
Bernadette Joy is one of those renters. A third of renters are choosing not to buy a home, even though they can afford one, according to a January 2024 Entrata survey. A lot of people rush into buying because the market is hot and homes are going so fast. Instead, it’s better to ride out market fluctuations and rent until you find the home that best suits your situation. The “all-in costs” of homeownership are often overlooked. A down payment, closing costs and a monthly mortgage payment are hardly the only homeownership expenses. There’s also home insurance and ongoing maintenance. Joy and her husband don’t have a new timeline to buy a home. For now, they enjoy living within walking distance of what they love. “There is no shame in being a renter for however long you need to be,” Joy said. “There are no downsides to renting.”
