Owning Versus Renting: Which is Better and Why?

Louisiana REALTORS® • June 21, 2024

When it comes to choosing where we live, there are a number of options. You can opt for the city, go out in the country, or choose somewhere in between. However, one of the biggest decisions you’ll have to make is whether to buy or rent. While renting has some benefits in terms of ease and access, there is a reason why homeownership is a big part of the American dream. Here are a few reasons why owning your home is better than renting it.


Owning a Home Costs Less than Renting Over Time

When you factor in the steady monthly note of your mortgage, the different tax advantages available to homeowners, and the consistent increase in the cost of rent; owning a home actually costs you less in the long run.


You Can Make Your Space Your Own

Owning your home gives you the opportunity to make any changes and renovations that you can imagine. Need extra space? Add on to your home. Need a more open floor plan? Take out that wall. Paint any color you’d like. Renting comes with very strict, if any, options for changing what currently exists. Even if you can make updates, you’ll be spending your money to improve someone else’s property.


Budgeting is Easier with a Fixed Rate Mortgage

When you rent you can be almost certain that each new lease will come with an increase in rent. However, when you buy your home with a fixed-rate mortgage your payment will remain the same for the life of the loan. Of course you can always pay more on a monthly basis further reducing the overall cost of home ownership.


Home Ownership Provides a Built-in Savings Account

Every month you pay your mortgage you are actually putting money into savings as an investment. As the balance of your mortgage decreases, the equity in your home increases with every payment. So while there may be no balance sheet, you are actually keeping more money for the future each month.


Owning a Home has Tax Advantages

When April rolls around and you’re doing your taxes, owning a home can make a big impact. The interest on your mortgage is tax deductible. For new homeowners this can be especially beneficial as a large part of each mortgage payment is the interest in the early years. Also, if you make energy-efficient improvements or other eligible upgrades, you can deduct them as well.


These are only a few of the things to keep in mind when you are deciding to purchase a home. The first decision you need to make is to entrust a REALTOR® to help you find your home.

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By Louisiana REALTORS® • July 1, 2026
It’s not unusual for people to enter the homebuying process with a priority list that needs to be whittled down once they see what’s on the market. NAR’s latest consumer guide, “Defining Home Buying Needs vs. Wants,” is a decision-making tool that can help. It’s a simple checklist to help home buyers identify their needs, wants and deal-breakers. Using the form, or something like it, will help buyers remember what’s most important to them as they view and compare homes. There’s even a fillable PDF available for download. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Defining Home Buying Needs vs. Wants NEW: 10 Tips For Unpacking Smartly After A Move UPDATED: Multiple Listing Services Overcoming Roadblocks to a Sale or Purchase How Solar Impacts a Real Estate Transaction Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Check out the next consumer guide for sellers on how to ease the transition for the new owners.

Consumer Guide Update: 10 Tips for Unpacking

By Louisiana REALTORS® • June 18, 2026
NAR’s latest consumer guide, “10 Tips for Unpacking Smartly After a Move,” was developed to help ease the burden buyers may feel when surrounded by boxes. For your clients on the cusp of a move, the guide suggests establishing a priority unpacking order, wiping down each room before unpacking, discarding boxes quickly, having garbage and donation bags at the ready, and more. Share the new guide along with the companion guide “10 Tips for Packing Smartly for a Move.” As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: 10 Tips For Unpacking Smartly After A Move UPDATED : Multiple Listing Services Overcoming Roadblocks to a Sale or Purchase How Solar Impacts a Real Estate Transaction Navigating Interest Rate Shifts Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Check out the next consumer guide on identifying homebuying wants vs. needs.
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