Closings: Schools, churches, day-cares and businesses

Millennials renting more than buying

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ST. LOUIS, MO (KPLR) - Corey Brinkman from Renters Warehouse St. Louis is here with some questions every millennial should be asking before he or she signs a mortgage or resigns a lease.

National surveys have had trouble deciding if millennials are renting or buying in 2016. One recent survey by the National Association of Realtors shows more 20 and 30-year-olds are choosing to rent these days, instead of buy! They either don't have enough money for a down payment due to student loan debt or poor credit. Others simply just want the convenience and freedom of renting.

When comparing buying or renting, you need add up the upfront costs of a down payment and a mortgage of a home, as well as property taxes, maintenance, repairs, utilities, moving costs and possibly even association fees.

Millennials should consider what kind of lifestyle do they want. Do they want to do yard work and renovations? And of course, they need to decide where they want to live and for how long! It's a tough and important decision, so take your time and find your perfect home.

By Tess Hill

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