Although it is more expensive in most markets to rent than to pay a mortgage, renting is ideal for those who are new to an area and want to get a feel for it before buying or those who are saving for homeownership.
Why do more than 60% of Millennial renters say they need to delay homeownership? Lack of down-payment. According to Apartment List, 48% have zero down-payment savings, and just 11% have saved $10,000+.
If you’re a renter working towards homeownership, learn how to save for your down-payment, how to prepare to buy a home, loan programs that help first-time home-buyers, and many other topics.
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