When finding a place to live, there are so many options and factors to consider, that making a final decision can be overwhelming. Usually people are looking for a place they find aesthetically pleasing, comfortable, and most importantly, affordable. When it comes down to finances, the two big contenders are usually choosing between owning a house, or renting an apartment.
For those looking for the most cost-efficient method, then apartment living is more often than not the road to go down. On average, renters can save up to $560 a month over homeowners. Not only do the monthly costs of a home outweigh the usual tenant’s rent, but renters also don’t risk investing in a depreciating asset.
It’s estimated that a $100 investment in housing back in 1985, would be worth $293 today. However, $100 placed in stocks, could be worth four times as much as a housing investment, adding up to around $1,146.
One of the bigger expenses that homeowners regularly face are mortgage payments. Even for the lucky ones whose mortgage remains at a consistent price, there are plenty of other charges to worry about that are not an issue with apartment rentals. Along with a home, come’s the need for insurance, maintenance, and property taxes, all of which can increase overtime. Not to mention those who have adjustable-rate mortgages on their homes can experience increases in payments.
Even if finances are not the only worry of a person on the search for housing, the ease of living that comes with renting an apartment over owning a house is difficult to refute. The best apartments are not only a financially secure option, but they can also provide high standard services, such as on-site maintenance, the potential for first-class amenities, and high-quality customer care.
When looking for a place to live, it’s important to weigh the pros and cons of every possible option before you look for a house or find an apartment. Unless you plan on buying a home you plan to grow old in, renting an apartment is always a safe and secure choice.
