Renting vs. Buying

by Tashun Chism

For many people, buying their own home is part of the American Dream. But others prefer to rent.

"Oh, they like that! It's takes a big stress off of them. They don't have to worry about any extra costs. They pay their rent and that's it. If something breaks, they call us, and our maintenance takes care of it," said Shadow Creek Luxury Apartments Assistant Manager Charmaine Washington.

Lufkin realtor Sid Medford says buying a home is worth it in the long run.

"When you pay rent you are basically paying for the landlord's building. When you make your home payment you are paying for your house. So you build equity," he said.

Other experts say while it's good to build equity, renting is a better option for people who travel and move a lot.

"If you don't plan to stay long in one place. A lot of reasons why we do have a lot of professionals is because they don't know where they're going to be next year. We have doctors that are at the hospital here but they don't know if next year they're going to be at a hospital somewhere else. So why invest money in a home if you don't know if you're going to be able to sell it as quickly as you need to," Washington told us.

Although many professionals are even choosing to rent now, Medford tells us owning a home gives you a greater since of appreciation.

"If you are a homeowner, you feel more a part of the community. You pay your taxes, your property taxes and that sort of thing. You just feel tied more into the community where you live," Medford said.

Experts say while there are many reasons to rent as well as buy, it all depends on the renter or buyer's needs and preferences.