A few years ago, my wealthy clients would have laughed at the idea of renting a home instead of buying. Renting was not for people like ‘them.’
My, how things have changed. Now there are more millionaire renters than ever before according to The Wall Street Journal.
It has gotten very expensive to buy and maintain a home, thanks to high mortgage rates and sky-high tax and insurance bills.
Plus, there are fewer homes on the market, and even buyers with deep pockets can find it impossible to find their perfect Home Sweet Home.
As a result, many people, even the very wealthy, are choosing to rent instead of buy.
In fact, renting looks cheaper than buying in all top 50 metro areas, reports Bankrate.
The Takeaway: If you are in the market for a new home, do the math to see whether buying or renting might be best for you.