To rent or not to rent - that is the question.

For many people, the decision about whether to rent or buy is a difficult one. I would like to discuss some points to consider concerning renting that might be helpful.

1. Noise. If you buy your own place and outside noise such as traffic is an issue, you might have to consider making structural changes to address the problem. When you rent, you are usually stuck with the noise. Unless the noise is due to inconsiderate neighbors, you are left with few options. You can complain to the landlord, call the police, or move. Newer rentals will likely have less noise problems than older ones due to changes in construction standards involving windows and insulation. Also, consider whether you as a renter might be the cause of a noise complaint. Ask yourself if it's worth the stress of always having to keep the kids and/or pets quiet and calm at home. If that's an issue, look for a single-family or condo rental with fewer neighbors. Otherwise look for multi-family housing with many other residents with similar situations.

2. Commitment. Typically when buying a home you're committing to a 15 or 30 year loan. While you're not obligated to live there the entire time, knowing that you would have to sell or find someone to rent should you decide to move may not be the best situation to be in. On the other hand, renting allows flexibility. There are many commitment options in the rental world. Carefully consider the best option for you. Many rentals are available on a month-to-month basis requiring only  a 30-day notice to the landlord to move.

3. Maintenance. This is a big reason many renters give for deciding to rent. The fact that a renter can leave all or most of the maintenance responsibility to their landlord is very attractive. Just make sure you fully understand what  maintenance areas the renter is expected to handle.

4. Neighbors. Living in a rental sometimes means an endless parade of new neighbors. If you are the type of person that likes to know your neighbors, this may be an issue. You're less likely to find a revolving door for neighbors in multi-family housing that offers community events for it's residents. Also, look for rentals that have neighborhood watch or crime-free housing programs. People tend to stay longer in places where they develop relationships.

5. Ownership. Buying a home may, eventually, give you a piece of real estate to call your own. Renting doesn't allow you that ability. Many renters say they would rather give up that benefit than be subject to the volatility of the real estate market. But renters aren't totally protected from that volatility. Rising interest rates and other costs such as insurance and utilities could cause rental rates to increase. Of course, as a renter, it could be easier to move if an increase prices you out of your budget.

A lot has been written recently about home sales, interest rates and the economy. Many people believe owning a home is no longer part of the American dream, and it might not be your dream. Making the decision to rent rather than buy should be done with careful consideration. You will be glad you did.