95. Rent Rather Than Own

Over the past fifty years we’ve been brainwashed into believing that owning our own home is the only way to go. In a recent survey conducted by the National Association of Realtors, 87 percent of the respondents said that owning their own home was the most important element in fulfilling the “American dream.” Home ownership is valued more than a happy marriage, an interesting job, high pay, or even having a lot of money.

Considering the high cost of home ownership these days, maybe it is time to reconsider that philosophy.

We have friends who, like us, have recently made some major changes in their lives. They sold their home, got rid of their cars and most of their stuff, quit their jobs, and spent two years traveling around the world. They took the equity they had built up in their home, and used it to generate income to support their greatly reduced life-style.

When they came back from their travels, they initially considered buying another, smaller home. But they decided to rent an apartment instead. Not only can they now rent a comfortable apartment for much less than it would cost to own comparable space, they want the freedom of not owning. Should they decide to take off and do some more traveling, they don’t want to be trapped by a slow market and not be able to sell when they’re ready to go.

But, to their surprise, the biggest reason for not owning a home is the emotional and psychological freedom it gives them. Contrary to what they had believed all these years, home ownership had become a burden rather than a security. If your home is costing you more time, energy and money than you’re willing to pay, consider renting. It could greatly simplify your life.