Money Myth 2: Buying is Always Better Than Renting

Have you ever heard this money myth?: Buying is always better than renting. Buying a house is a safe investment and renting is just throwing money away!

Well, this is not always true! That’s why I call it a myth.

Buying can be better than renting, but only under certain circumstances!

I’d encourage you not to buy a house until you can pay at least 20% of the purchase price as a down payment and your mortgage is no more than 20% of your budget.

And while renting doesn’t allow you to make money back on your investment, you do need to have a roof over your head. So it’s hardly a waste of money!

Remember, earth is not our real home, so make a decision that best meets your budget and then be grateful for what God has provided.  

To learn more about your finances, visit crown.org/money