Homeownership is part of the traditional American dream, but for many families and individuals, it makes more sense to lease a single-family home rather than to make a long-term commitment. Professionals in homebuilding, buying and renting have identified potential considerations that homeowners should take into account.
Mortgage versus rent payments
The U.S. Census Bureau tracked the median monthly housing cost of mortgage holders and renters from 2011 to 2015.
Median owner cost with a mortgage: $1,492
Median gross rent: $928
