Insurance

1.) Mortgage
Signing up for that huge monetary responsibility for 30 years is not a decision to be taken lightly. If your homeowner's insurance and property taxes are included in the payment, and they go up, so does the mortgage payment. A mortgage is a huge burden and cause of stress when times are tough.

2.) Foreclosure
If you get sick or loose your job and can't make the mortgage payment, you risk foreclosure. In today's economic climate, foreclosures continue to rise. As renters, if your financial situation changes, you simply find a place with cheaper rent.

3.) Property Taxes
These taxes are based on the appraised value of the home adjusted annually for inflation. They run in the thousands of dollars and rise and fall in line with property values. They are due in full in November of each year and can be a burden during tough economic times.

4.) Homeowners Association Fees
These fees cover lawn maintenance, community pools and gym rooms, community signage etc. They can range from $200/year to $200 or more per month which significantly raises the monthly mortgage payment.

5.) Upkeep and Maintenance
If an appliance breaks, there is a plumbing problem, or the air conditioner isn't working properly, you simply call the landlord to take care of it. This is a huge perk as these things have a habit of breaking down at the worst possible moments when you are most strapped for cash.

6.) Free Utilities
In some cities the utilities are included in the monthly rent. This also saves the deposits that utility companies require upfront to hook up the services. Those deposits can run into several hundred dollars and are refunded only after 1 year of on time payments.

7.) Free Amenities
If you rent a townhouse or condo you have access to the pool, gym room, community building, lakes, and walking trails.

8.) Lower Insurance Rates
Having to insure only your possessions is much less expensive than insuring the property.

9.) Job Relocation
If a great job offer comes along, you can easily relocate. When owning a home, you must either sell or rent it. If you can't do so, you may miss out on a great job opportunity.

10.) Neighborhood decline
Buying a home is a long-term commitment so most people choose a neighborhood they like near schools, shopping etc. If the subdivision or the area nearby declines, as a renter you simply move to a nicer area.