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There’s a long-standing myth that owning a home is always better than renting. After all, being a homeowner is the American dream, and renting is just “throwing money away,” right?
Not so fast! Regardless of what your well-meaning parents or your annoying but more successful next-door neighbor might say, buying a home is not the right choice for everyone.
Aside from the fact that homes have become just plain unaffordable for most people — the average monthly mortgage payment is now over $2,300 — maintaining your own property can be expensive and time-consuming.
By contrast, renting gives you the freedom to move more often and can even free up your money for an important goal that so many of us neglect: saving for…