ABA Offers Rent-or-Buy Considerations for Millennials

In observance of American Housing Month, the ABA Foundation today issued six questions that millennials should consider when deciding whether to rent or buy a home. ABA recommended that millennials take into account their current savings, existing debt, credit score, location of the property, how long they expect to stay in the property and all other associated costs — including utilities, taxes and insurance — before making a housing decision.

“Millennials should weigh a number of factors before committing to any lease or mortgage,” said Corey Carlisle, the Foundation’s executive director. “With the cost of living continuing to rise, they must be prepared to handle the demands of their housing choice — whether that’s a rental property or homeownership.”