When I posted my 2022 Goals update post last week, I received a few comments from lovely readers who wanted to know more about my decision to continue renting rather than buying a home in the (very distant) future. While I have talked about my decision to rent in other posts (like this one, from 2020), I liked the idea of talking through some of the reasons why I don’t want to be a homeowner:
1) Saving up for a down payment on a house feels impossible.
Let’s talk about the biggest roadblock to buying a home: saving for the down payment. It was my goal this year to save $4,000 to start my down payment fund, amounting to $333 a month. It was nearly impossible to hit that goal even once this year. It was an aggressive goal, but I’m estimating that I’d need to save at least $10,000 for a down payment (which is probably well below what I should be saving). Saving for a down payment when it’s just me and I can’t rely on another person’s income feels insurmountable. There are programs to help, of course, but it would depend on my income. I think I would be disqualified for many of them because my income is too high. (Which is laughable, but whatever.) Could I just start throwing a hundred dollars into a down payment fund every month and see where I am in a few years? I suppose so, but there are other reasons I don’t want to own a home.
2) The idea of every home repair being my responsibility fills me with anxiety.
You know what I love? Every time I need something repaired in my apartment, I call maintenance and it’s fixed within a few days. Water not draining from my tub as fast as it used to? Maintenance. The heating unit in my oven broke? Maintenance. The black furnace filter clogged up and caused the furnace to break down? Maintenance. Furnace maintenance. My washer suddenly stopped working? Maintenance. My mom just had to replace her air conditioner. NINE THOUSAND DOLLARS later, she has a new air conditioner. My friend has some troublesome trees in her yard that need to be removed (lest they fall on her house). She was quoted TWELVE THOUSAND DOLLARS for the removal. These are extreme examples, but they are relevant. Being a homeowner can be very stressful and very expensive.
I am not a handy person by nature. House repairs are something that has to be added to the budget when you buy a home because things are going to break and you are responsible for fixing them. And being a single person, I don’t have a handy partner to share the burden with. It’s all on me, and that fills me with anxiety.
I’ve also been very lucky to have a reliable maintenance team anywhere I’ve lived (it helps that I usually rent from a leasing agency, not from a private owner). You know who’s not always reliable? Repairmen.
3) A house comes with so many more responsibilities.
I’m always shocked by the number of responsibilities that are involved in owning a home. If I owned a home, I’d need to pay for a lawn care service since I have no desire to take care of that on my own. I’d need to pay for pest control—something that’s already built into my rental price. I’d need homeowner’s insurance and flood insurance and property taxes, and probably other bills I’m forgetting about. None of these things are cheap. All of them cost money.
Plus, I know I would want to upgrade my home in the future. Ideally, I’d buy a home that wouldn’t require a ton of work upfront, but over the years, I’d want to upgrade it like any normal homeowner. A new kitchen or bathroom, new windows or flooring. All of that costs money.
It would be easier if I had a partner, but it’s just me. And all of that responsibility being on my shoulders feels overwhelming.
(A disclaimer here: Yes, I could buy a condo or townhome and things like lawn care service and pest control wouldn’t be necessary. But that would also come with an HOA fee, so there’s that to worry about.)
4) I have never desired homeownership.
I was listening to a podcast episode yesterday and the host asked the guest this question, “What are the things that, even if they are a smart decision, aren’t the right choice for you?” Bing, bang, boom. Yes. Buying property is a smart decision in many ways. Mortgage payments go toward building credit in a way that rent payments do not. Homeownership is one of the only ways to build generational wealth. But even if it is a smart decision for many people, it is not the right one for me. I have never desired homeownership. I do not want the responsibility of it. Perhaps if I had children, a partner, or heck, even big dogs, it would make sense. But in my little life, where it’s just me and my two cats, this is what feels good for me. And that’s really all that matters, at the end of the day.
If you’re a homeowner, what do you love about owning a home? If you’re a renter, what do you love about not owning a home?!