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Renting vs. Buying: 47% of Americans choosing rent-first lifestyle

By FOX 5 Atlanta Digital Team
Published  September 2, 2024 6:06am EDT
Consumer
FOX 5 Atlanta
article

(Photo by Scott Olson/Getty Images)

In Brief

  • Rent-first lifestyle: 58% of Americans prefer renting for flexibility and savings.

  • Car leasing: 17% lease cars to drive new or luxury models without ownership.

  • Fashion renting: 41% rent clothes for affordability and trend experimentation.

  • Housing affordability: Nearly half rent homes due to cost concerns.

ATLANTA - The debate between renting and buying traditionally focuses on housing, but the concept of renting has expanded into other areas of life, from clothing to cars. According to a recent study by The Harris Poll on behalf of Intuit Credit Karma, more than 1 in 4 Americans rent or lease various goods and services, with 47% including housing in this lifestyle. This shift is driven by more than just affordability—many are choosing to rent as a lifestyle preference.

The study found that 58% of those who rent or lease goods and services do so out of personal choice, valuing the flexibility it offers. The ability to save money, test products before buying, and avoid overconsumption are among the top reasons cited. Nearly 60% of these renters believe they get more value from renting than buying, and the majority reject the idea that renting is equivalent to throwing money away.

Car leasing, in particular, is popular among those who want to drive a new or luxury vehicle without the long-term commitment of ownership. The study found that 17% of Americans lease their cars, with reasons ranging from wanting to upgrade vehicles frequently to avoiding the costs and stress of maintenance. Leasing allows some to drive cars they couldn’t afford to buy outright, while others see it as a more financially sound choice.

In the fashion world, renting clothing and accessories appeals to those who want to stay on trend without the financial burden of purchasing expensive items. About 41% of fashion renters choose this route for affordability, but others appreciate the chance to experiment with different styles and reduce their environmental impact. Renting also supports a minimalist lifestyle, with many citing the desire for less clutter and more closet space.

When it comes to housing, affordability remains the primary reason Americans rent their homes. Nearly half of renters do so because they can't afford to buy, while others are deterred by high mortgage rates or believe that homeownership is only for the wealthy. Some renters also prefer the flexibility and reduced stress of not owning a home, especially if they’re uncertain about their long-term plans. Despite traditional beliefs, 60% of renters think the idea that buying is always better than renting is outdated.