Whatever way you look at it, renting has its downsides. Sure, you've got someone on call to fix things when they break, and you don't have the stress of home ownership. That said, you're also essentially flushing your money down the drain each month instead of building equity. This is even truer if you live someplace like San Francisco, Honolulu or New York City, where your money won't go nearly as far as it will someplace like Cleveland or Little Rock.
What do you look for when you choose where to rent — space or location? Folks willing to compromise on space might be doing it because of access to restaurants, work or public transportation. Or at least, as someone living in Brooklyn, this is how I quietly rationalize my monthly peeing away of my dollars.
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