Rent is generally cheaper than purchasing a home. According to the U.S. Census Bureau, the median monthly rent for a two-bedroom apartment in the United States was $1,410 in 2020, while the median price of a new home was $328,900. This significant difference in cost is due to several factors. Firstly, renting does not require a large upfront investment, such as a down payment, which can be tens of thousands of dollars. Secondly, renters do not bear the responsibility for property taxes, maintenance, or insurance, which are significant expenses for homeowners. Additionally, the flexibility of renting allows individuals to move more easily, adapting to changing circumstances without the long-term commitment of homeownership.