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To Buy or To Rent?

That is the question many consumers are asking themselves. Though 11 years have passed, the 2008 housing crisis looms on yesterday’s horizon. With it comes lingering anxiety.

According to Pew Research Center’s article “More U.S. households are renting than at any point in 50 years,” and households in the United States rose by 7.6 million in the ten years spanning 2006 and 2016. However, the number of households headed by owners remained stagnant juxtaposed to the soaring spike in homes between 2006 and 2016 partly “because of the lingering effects of the housing crisis.” Instead, 2017’s level of renters surpassed 2006’s 31.2% to 36.6%. 

So…to buy? Or to rent? Quontic cites a few things to keep in mind when it’s time to decide whether home-owning or home-renting suits you best.


The first thing you should consider when deciding whether to buy or rent is what you can afford. If you choose to rent, be aware that the majority of rental properties initially require a security deposit and the first and last month’s rent payments. Ongoing expenses in addition to the monthly rent may include utilities depending on whether or not the cost of your rent also reflects the cost of heating, electricity, water, cable, etc. 

Homebuyers are responsible for monthly mortgage payments that are extended 15-30 years and are affected by the loan’s interest and principal. The payment amount may also fluctuate depending upon whether or not the loan rate is variable or fixed. An upfront downpayment consisting of a percentage of the home’s total cost is also due upon purchase, and ongoing payments include any utilities you need. 


Owning a home inevitably leads to home repairs down the road. Are you willing to put in the time and money necessary to fund repairs and maintenance? Keep in mind that ongoing seasonal maintenance costs are just that: ongoing. Year after year, these costs add up.

Renting a property typically relinquishes some of these responsibilities and costs to a landlord. For instance, if an appliance like a stove or refrigerator meets its untimely doom, a landlord will be responsible for its repair or replacement. But as a tenant, you will be responsible for any damage you or your pets cause to the property.

It should also be noted that owning pets makes it trickier to find a place to rent because some landlords don’t allow pets or enforce size/breed restrictions. And if they do allow pets, some charge a monthly fee per animal.


Finally, it’s essential to choose the option that best fits in with your priorities. Are you looking for your forever home? Are you ready to settle down and stay put? Do you have a steady job that you intend to keep? Are you committed to the area your home is in? Purchasing a home might be the best option for you.

Or, are you just starting out in a new city? Is this your first home? Are you unsure about your career? Would you rather share responsibility with a landlord? Are you looking for flexibility and the possibility of being mobile in the future? Renting is probably the way to go. Quontic’s free Rent or Buy calculator may be able to help you decide which path is right for you.

Whether or not you decide to rent or purchase a home, moving into a new space of your own is a crucial milestone. Choose what’s right for you and your goals and you can’t go wrong! If you’re ready to hunker down and purchase a home, learn more about the different and flexible mortgages Quontic offers to make your dream home come true. 

This is not financial advice, nor should it constitute or be construed as instruction for any individual reader, or group of readers, to act or make a decision in any financial capacity. Seeking independent, professional consultation from a qualified and licensed expert is always the optimum avenue in making financial decisions.

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