Part one of a two-part series.

Home ownership has always been Exhibit A as evidence of the American Dream in action.

Housing and home-related issues dominate our headlines and conversations for good reason — home is literally where we live and housing is, by far, the single largest investment most of us will ever make in our lives. And, for most of us, it is the largest single bite out of our monthly budget.

So is homeownership still the linchpin of generational/future wealth and financial stability?

Renting has long been dismissed as “throwing money away” — at least as opposed to building equity (meaning future wealth) in a home of one’s own.

But as a contrarian, who has seen too many credit ratings ruined, too many foreclosures and far too many nervous breakdowns and relationship implosions due to the financial stress factors wrapped around house payments and maintenance, I have to wonder if there isn’t a better way.

And maybe that “better way” has been hiding in plain sight: renting.

Renting has long been seen as second-best to owning a home.

But that belief just might be challenged by seemingly unrelenting circumstances (like the all too familiar limited housing options and interest rates) which have, in turn, shifted attitudes toward renting.

Housing is about more than money

More and more of us are discovering that there is far more to home and housing than money.

No matter what your income, marital status or ability to pay, homeownership can be (and often is) the ultimate financial Black Hole. Owning a home costs far more than what you might find on a balance sheet.

If you want endless projects, financial expenditures (usually budget-busters on holidays) and more sleepless nights than you could have imagined, and money you had ear-marked for that dream vacation being swallowed up by something as mundane as a plumbing disaster, or a near impossible-to-find roof leak, home ownership might be for you.

The never ending (and often expanding) costs of homeownership, from roofing to utilities to taxes to painting and near perpetual replacement of appliances, and of course, with increasing evaluations, higher property taxes for the life of the owner, can end up being more, maybe even much more, than the cost of renting.

Renting, of course, will probably never be cheap, but with the housing dynamics at work lately, renting just might be a better option for more and more of us because it’s just a better fit for our lives.

For renter skeptics, I’d recommend “Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster” (Matt Holt, ISBN: 978-1-6377439-2-8, $21.95).

Among other things, this book documents a massive shift in how people live and work and what they value. And what more and more of us value is some variation of freedom.

Consider current dominant workforce trends: most of today’s workers insist on remote work, flexible schedules and, perhaps most of all, a high degree of autonomy.

Mobility, job hopping and gig work have become something like a self-directed career track.

More of us are delaying marriage and having fewer kids. And nurturing deeper and stronger value for what we really want; a desire for fluidity and freedom.

And what, after all, says freedom more than being able to claim a career option in some distant locale on short notice?

The thought of being tied down to a house is starting to feel like a relic of the dreaded and much derided ‘40 years and a gold watch mindset’.

Staying married is difficult enough, but who wants to be married to a house?

Why would any young professional consider themselves bound to a mortgage or a zip code?

As a home owner, when that dream job pops up a thousand miles away — or in another country — who has the time or inclination to sell, or even prep to sell a house?

In many areas, renters have far more choices in terms of geography and aesthetics.

A minimal rent budget might get you a quirky and funky space in a historic downtown building, a trendy new apartment in a complex, or even a bedroom in a house-share.

One woman I know prefers renting spaces “not intended for habitation” and making them, in her own style, and in her own image.

Home buyers rarely see this kind of variety within their — or any – price range.

Friends in the building

Renting won’t hurt your social life, either. If you live in an apartment complex or rental community, you’ll have plenty of neighbors to connect with. They may not be your friends for life, but for better or worse, they are companions on your current economic and life journey.

In many cases, management might even sponsor activities like happy hours, game nights, or trivia evenings to help you meet others.

I know of one local place that offers a covered roof-top BBQ, two big screen TVs, comfy outdoor furniture and a breathtaking mountain views. How many home owners could afford such a setting?

Neighbors are not across the street or next door; renters can walk down the hall or climb a few flights of stairs. Doom-scrolling social media can’t match face to face contact — no matter how temporary.

You don’t need to be a housing analyst to see which category of housing is getting the most new construction.

In my area, I’d estimate that ten, maybe even twenty apartments/condos are being built for every single-family home going up.

Weekend? What weekend?

Home owners can be found on weekends at a local hardware store, or doing an (emergency) amateur home repair project.

If, as the saying goes “a house is a machine for living in”, any house, like any machine, requires constant maintenance. And maintenance never comes cheap.

If you are a renter, your spare time is really your own. If there is a problem, you know who to call…

If it costs you your peace, it’s too expensive.

― Nassim Nicholas Taleb, The Bed of Procrustes: Philosophical and Practical Aphorisms

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Part two will appear Wednesday.