Renting vs. buying: Which is actually better?

An ASU real estate expert discusses the benefits and challenges of homeownership.

In this story published Dec. 22, 2023, on Today's Homeowner:

Renting is either by necessity or a lifestyle decision. It is sometimes the more desirable and cost-effective way to achieve quality housing. The reason some say renters are throwing money away is because renting does not allow realizing equity through appreciation. The actual benefit is not that simple; for some, the financial benefits do not warrant ownership. A portion of the mortgage payment is essentially rent — the financing costs. Plus, there is the downpayment, which for some is unattainable. Regardless, you must pay to live someplace; the questions are where and what is the best value proposition that fits your life.

– Mark Stapp, Fred E. Taylor Professor in Real Estate, executive director of the Master of Real Estate Development program, and director of the Center for Real Estate Theory and Practice