Nicole Lappin

It's a lifestyle decision.

There's value in stability and having control over your space and painting the walls whatever color you want.

But let's also be thoughtful about the opportunity cost and also just retire the renting is throwing away money argument.

Because really, renting buys you a lot.

Shelter, for one, safety, flexibility, no surprise repair bills, no new roof to replace, no foundation cracks to worry about, no property taxes, and often lower insurance premiums.

Those are all your landlord's problems.

Renter's insurance is a lot less than homeowner's insurance.

We don't say that we're throwing away money when we buy groceries, right?

Rent is paying for a service, the service of having a place to live without a long-term commitment and usually a lower financial burden.

Just know that renting is not a failure.

It's not a phase you grow out of.

It's a valid financial strategy.

Homeowners don't just pay a mortgage.

They pay for property tax, insurance, repairs, appliances that break, landscaping, and so much more.

Renters skip all that.

And that means they have more money to invest and grow if they stay consistent with it.

Renting is not wasting money.

It's buying you options.

And in finance, optionality is very powerful.

Money Rehab is a production of Money News Network.