The Great Rent-or-Own Debate

One topic never ages and that’s the question of home ownership vs. renting. If the solution was only a numbers game, the debate would be hard enough to resolve when calculations comparing carrying costs vs. renting often come out a wash. Of course, paying your landlord’s mortgage isn’t smart and building equity is the way to go. Once ‘home’ becomes an ‘investment’ to be analyzed for ‘profit’ you would think the decision would become easy, but whose crystal ball do you trust in forecasting the direction of housing values? And then there’s emotion to consider. Home is where the heart is and owning just plain means everything to some people. It’s roots, and family, and home and all the warm and fuzzy feelings behind one door, yours. So, the answer to The Great Rent-or-Own Debate could be; it depends. One isn’t better than the other. It’s personal preference and lifestyle. But for my money, the facts speak louder. With over half of Canadians and even more than half of Americans choosing to own their own home, and many more busily saving for one, the majority has already voted – home ownership wins.