There are some people who delay their transition in to eventual home-ownership, because they feel uncomfortable taking on the obligation of having a mortgage. However it is important to realize that whether you own or rent a home, you are paying someones mortgage. As the Joint Center for Housing Studies at Harvard University explains:
“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return.
That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”