Why do many people own a house instead of renting an apartment?

Question

Why do many people own a house instead of renting an apartment?

Answer 1

More space, I guess. Also, if some people plan on raising a family, houses have more room for that. And, in an apartment, you can't modify it. In a house, at least, you can paint it and stuff.

But houses aren't always so great. More expensive, for instance, and there's the whole lawn to take care of, etc.

At least that's what I think.

Answer 2

It's nice to own and have your own things. Many times- a house comes with much more space and value for the money. When you are a renter, you are still under someone else's rules no matter how much you pay. Sometimes renting can be more costly than owning depending on your situation. However, unfortunately, many homeowners have downsized to renting apartments because of forclosures and the sad economy these days.

Answer 3

instead of paying someone else's mortgage- they are putting the "rent" money to use- paying their OWN mortgage- towards a property that will in turn, be equitable for them- where when renting you pay years of rent and all you have to show is rent receipts-

Answer 4

I opted to buy a home several years ago instead of renting a house any longer.  Reason being, I wanted a place of my own.  One in which I could decorate myself, plant trees and shrubs of my liking, and yes, as the other answerer stated, the $ that I pay on mortage is like $ in the bank.  As I will own this house one day, and if I then sell, the entire cost of the house will be my gain.  Also, when I rented an apt., I had trouble with noise from other tenants, and I found that lives became enmeshed merely because you were living so close.  Otherwise, these were people that I probably wouldn't have ever met - and in most cases, for me, that would have been a good thing!

Answer 5

Firstly, because property ownership is generally a good investment: property tends to appreciate over time.  Secondly, because you have control: you can make repairs or alterations at will without having to ask an owner's permission.