Should You Rent or Buy a Home During Residency?

Beth Skwarecki

Disclosures

September 16, 2016

Creative Solutions

A high-earning spouse can also help to push the balance toward buying. "The main scenario where we would be most likely to sway from our 'rent, don't buy' advice is if you have a spouse who has a solid career and a solid income," says Poldiak. That means you'll have more money available to put toward payments.

But renting an apartment or buying a house aren't your only options. If you aren't ready to buy but want to leave apartment life behind, it's often possible to rent a house.

Carpenter points out that renting all or part of a house you own can solve some of the problems associated with home ownership. For example, if you buy a home but end up moving before you are ready to sell, you can rent out that home and hire a property manager to maintain it in your absence. Similarly, if you can afford to take out a mortgage on a two-family home, you could live in one half and rent out the other to help cover some costs.

Ultimately, the best decision is an informed one that takes into consideration the multitude of factors unique to each resident. By considering the issues discussed above, you can make the choice that's best for your situation.

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