Approximately one–third of Americans rent their homes, both by choice and because of financial ability. If you're one of them or thinking about renting, here are the top two myths debunked:
Myth: Renting is a worse financial proposition than buying.
Fact: Deciding whether to rent or buy is a personal decision that depends on your financial situation, future plans, and lifestyle. Both options have benefits that you need to carefully consider before making your decision. For many, renting is ideal for their lifestyle since its maintenance free and provides more flexibility to move. And while renters are not building equity in a home, renting protects them from potential house price declines.
Myth: Tenant rights are basically the same everywhere.
Fact: As a tenant, you have important rights that protect your privacy, security deposit, the condition of your home, and you and your family from illegal discrimination. Each state has different rights, laws, and protections for tenants. But generally, you can expect:
- A clean and safe home that meets state and local building codes and health requirements.
- A home with working heat and air–conditioning units.
- Functioning water, hot water, and toilets in your home.
- At least 24 hours' notice for a landlord to enter your home, unless it's an emergency.
Learn more about renting vs. buying and use our calculator to understand the financial differences.
