Could renting be part of the new American dream?
By Bernadette Joy, Bankrate.com
“Renting is throwing money away.” Has anyone ever told you this? Well, I’m here to say: It’s bad financial advice.
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My husband and I have owned four different homes in three cities since 2010. If I wanted to, I could buy a house in cash today. But for the last three years, I’ve chosen to rent instead — and my net worth has grown by leaps and bounds because of that choice, not in spite of it.
This is always a hot topic, especially because renting challenges the traditional rhetoric that homeownership is the ultimate path to wealth. And I get it — owning a home is part of the “American Dream.” But if it doesn’t lead to financial freedom, homeownership may be more like a nightmare.