If you’re a Millennial—or have a son or daughter who is a Millennial—you’ve probably had a discussion about renting or buying a home. It can be a
hard question to answer, especially with the steadily-rising prices of houses.
However, there are clear disadvantages to renting:
- Someone else controls all the rules, not you (such as whether you can have a pet).
- You’ll see a steady increase in rent over time.
- Zero tax advantages.
- You have no say if your landlord wants to move into your place or sell to someone else.
The biggest disadvantage: You give away your money. Renting means you never will have the chance to build equity in a home. Instead, you give that opportunity to your landlord.