ACCC Highlights the Pros and Cons of Renting vs. Owning

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America Consumer Credit Counseling discussing the pros and cons of owning a home vs. renting an apartment

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In the end, what matters most is what works best for you economically. While renting offers flexibility, ownership offers an investment opportunity.

At some point in a consumer’s life, they must decide if renting an apartment or buying a home is the best option for them financially. Both buying, and renting come with advantages and disadvantages. To help consumers decide which option is best for them, national nonprofit American Consumer Credit Counseling (ACCC) highlights some pros and cons of buying a home vs. renting an apartment.

“It is important to research all of the potential financial issues that come with buying and renting,” said Steve Trumble, President, and CEO of American Consumer Credit Counseling. “There are a variety of factors consumers must consider when making this important decision. In the end, what matters most is what works best for you economically. While renting offers flexibility, ownership offers an investment opportunity.”

According to the U.S. Census Bureau, the ownership rate hit near lows at 63.2 percent in the second quarter of 2017. In comparison, the rental vacancy rate also hit a low at 7.3 percent. Home prices are continuing to soar as the most recent National Association of Realtors report found that the median home price in June raised to $276,000, a 4.45 percent increase from May.

ACCC discusses the pros and cons of renting an apartment vs buying a home.



1. No ownership duties – Renters are not responsible for maintenance upgrades or emergency repairs.
2. Amenities – Many apartment buildings offer a variety of added amenities, such as a gym or pool, to attract renters.
3. Utilities – Some apartments will include some or all utilities in the monthly rent.

1. Rules – Tenants must abide by rules created by the landlord or management company. Rules may pertain to pets or other leasing terms.
2. Rates – Rental rates will fluctuate overtime regardless of how long they have lived in the building.
3. Federal Tax Benefits – Renters are not eligible for housing related deductions or tax cuts.


1. Customizable – Homeowners have the ability to customize their condo or home to their liking.
2. Value – Condos and houses tend to increase in value and can be sold for higher than the original purchase price if the consumers wishes to do so.
3. Financial Investment – Paying off a home is a way a consumer can invest in themselves rather than having to pay rent money over to a landlord.

1. Initial Cost – Depending on the value and down payment, there is a large upfront cost when purchasing a home or condo. Consumers can expect to spend anywhere from 5 percent to 20 percent of the total cost.
2. Long-Term Payments – After the purchase, the consumer is locked into paying off a mortgage for 15 to 30 years unless they decide to sell.
3. Unfurnished – A home or condo does not come fully furnished. Consumers must spend time and money furnishing their home.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  • For credit counseling, and student loan counseling call 800-769-3571
  • For bankruptcy counseling, call 866-826-6924
  • For housing counseling, call 866-826-7180
  • Or visit us online at

About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. To help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft, senior living, and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to or visit

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