Over the years, the country has seen a decline in homeownership, and a steady rise on apartment renting. The rise on apartment renting may be caused by socioeconomic factors on the large scale, but the choice between homeownership and apartment renting is still a personal one. Both have their pros and cons, but here I will show you why apartment renting is the cheaper choice.
Renters pay a minimal down payment for an apartment.
To own a house, the future homeowner must pay a hefty amount of money for the down payment, which is some percentage of the total price tag, and closing costs, which include appraisal, inspection, taxes and insurance which usually ranges from 2% to 4% of purchase price. Renters, on the other hand, will just have to pay for the security deposit and first month’s rent, which is way much lower than a down payment for a … Read more