Have you wondered if buying is better than renting? Maybe renting is better? No, maybe owning a home is better.
This conversation takes place thousands of times per day. But, who is correct when it comes to buying versus renting? What if it doesn’t matter… What?
Consider Abraham Maslow’s Hierarchy of needs. Maslow’s hierarchy of needs is often portrayed in the shape of a pyramid with the largest, most fundamental levels of needs at the bottom and the need for self-actualization at the top.
According to Maslow’s hierarchy of needs, home ownership is as natural to human social behavior as water, food, and sleep. Owning a home is synonymous with growing up and becoming an adult. It’s doubtful owning a home will make you more grown up or suddenly feel like an adult.
There’s plenty of opinions when it comes to buying versus renting. The decision to buy or rent could be easier for analytical thinkers and smart people who use tools like the buy vs rent calculator.
Of course as smart as you’d like to think you are, you’ll buy a home for emotional reasons including a feeling of security, achievement, and belonging.