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It would be comparable to a car salesman convincing you to stick with your current vehicle rather than buying a new one.
Or, if your credit score is not good enough to secure a lower interest rate, that could make a mortgage more costly as well.
Remember, just having a lower mortgage payment is not all that matters, it is the unexpected costs like maintenance that can actually make rent cheaper than owning.
If an owner is hit with a $10,000 roof replacement bill, it could take several years to even break-even with a comparable rental.
Therefore, if a rent rate is similar to a mortgage rate, renting may be cheaper in the long run due to the predictability of maintenance costs (or lack thereof).
If you are in a situation where your living arrangements could change quickly, renting definitely offers more flexibility than owning.
Some people just love to move often, and renting just works better for them.Let’s face it, the United States is in a lot of debt.There are two ways that a government can pay off debt: inflation of the currency, or stopping the spending and letting the country go into a recession/depression. Renters are not affected nearly as much as homeowners in times of deflation.Your rent payments are predictable payments, no worrying about unpredictable maintenance expenses that come up.If a person does not have a large down payment (at least 20%), they will probably have to pay Private Mortgage Insurance, which can make owning nearly as costly as renting.Many financial advisors don’t see a mortgage as bad debt, but it is debt nonetheless.If you really wanted to stay out of debt and avoid the mortgage altogether, renting is your alternative. About Matthew Loewen I'm a real estate broker in Clovis, New Mexico.I started my own company, Loewen Clovis Realty, as a way to provide my services for those that need it in the area.Outside of real estate, I am usually biking around Clovis, hanging out with friends, reading, or attending church functions.Renting also offers more flexibility with your neighborhood preference.For instance, say you moved into a neighborhood because you liked the shops nearby, or liked the neighbors, or whatever, and those factors changed…