It is okay — and it certainly is not mandatory — that you buy a home at any point in your life. If renting is the best option for you, then so be it (homeownership is not for everyone). That is a message you will not receive from the real estate agents, government agencies (city, state or federal), the insurance industry, private businesses, or probably most of your friends and family. Let’s take a look:
When you rent, there are many costs you won't have to pay. You will not pay the commissions (real estate agents). You will not pay the property taxes (local government). You will not pay the insurance (insurance industry).
- You will not pay for all the new “stuff” that will go into your new home (private businesses).
- You will not pay the sales tax on all that new “stuff” (state and local government).
- You will not pay for the maintenance, upkeep, and improvements on that new house (private contractors).
The federal government? They will receive much less in tax revenue, because there are fewer homes being built, worked on, and sold throughout the country. The point here is hopefully clear. There are many people pushing you into buying home because they benefit from you buying a home. Only buy a home when you are ready financially and psychologically.