Buying a home offers emotional rewards—but at the cost of immobility, lost investment returns and continuing expenses (taxes, insurance, repairs, maintenance), which, for a $300,000 house, add up to $18,000 a year, or $1,500 a month on top of the mortgage payment.”
Renting, by contrast, offers more pros than cons: greater mobility, no continuing costs, no maintenance responsibilities and investment returns on money not spent on ownership—which could most likely cover rent.
Broadly speaking singles who represent the biggest demographic shift since the baby boom, might do more than married couples to boost the economy, especially when they rent and live in cities.
Renting an apartment in Charlotte, NC or in other cities and towns, allows singles more control over their money, and more disposable income, which they can spend in their community which helps the local economy.
As young professionals who are under 30 continue renting in urban areas, they're bringing the sort of purchasing power that communities can only dream of.