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Which Is Better: Renting or Buying? See Answers from Experts

Buying in D.C. is 32 percent cheaper in comparison to renting, but there are cases where it makes more financial sense to rent over buy. This is true even when D.C. has the fourth highest rents in the nation. Landlords, CEOs, and financial gurus weighed in on the issue in a recent post on the Crystal Square blog. While some of these figures may choose one over the other, many of them acknowledge that the decision to buy or rent a home is a personal one. Many give advice on what kind of factors may be necessary to know when making the decision. For example, Co-founder and CEO of AgentHero Ken Robbins argues that if you know you will move within a few years, renting makes more sense than buying. For now, see the highlights of what some the experts had to say on the renting versus buying debate. To see their full statements and what even more had to say on the issue, check out Crystal Square's blog post here.

Buying Over Renting
"Though D.C. housing prices have stayed relatively level during the recent national housing collapse, it still only makes sense to buy a property if you plan to own it for five years or longer."
- Lucas Hall, Chief Landlord at Cozy.co

Renting Over Buying:
"Renting is NOT throwing your money away. It's just a different way of financing your living arrangements/"
- Gary Lucido, President of Lucid Realty, Inc.

Renting Over Buying:
"If I were moving to D.C., I would definitely rent."
- Jason Hartman, author, speaker, and financial guru

It's a tie:
"Though it's usually better to buy a home, it can be smart to rent if you meet the following criteria:

· If your rent is really low, and there are no plans for that to change for a long time.
· If you know for sure that you're going to move again in a couple of years.
· If the housing market is beyond your ability to afford anything."
- Ken Robbins, co-founder and CEO of AgentHero

It's a tie:
"Renting is also ideal for busy professionals who do not want to worry about maintenance and management of the property or whose work may relocate them unexpectedly ... I recommend buying to my clients who know they will be somewhere for more than three years and know the area well enough to make what can be a permanent decision."
- John Michael Grafft, Top Producing Realtor at BuySellRentChicago.com

It's a tie:
"I've always used a general rule of thumb that if the rental price is greater than 1% of the purchase price ($3,000 monthly rent for a $300,000 home as an example) then buying is a no-brainer. If the purchase price ratio is lower than 0.5% ($3,000 monthly rent for a $600,000 home) then renting is the clear answer..."
- Crystal Stranger, author
· Rent Vs Buy Expert Advice [Crystal Square]
· Which Is Cheaper in the D.C. Area: Buying or Renting? [Curbed DC]
· Mapping the Cheapest and Most Expensive Places to Rent in Washington, D.C. Right Now [Curbed DC]
· Can You Afford to Rent in Washington, D.C.? [Curbed DC]
· Washington, D.C. Has the Fourth Highest Rents in the Nation [Curbed DC]