Phoenix, Arizona — If you can afford it, you can live in a rented home.
The average cost of renting a home in the United States was $834,000 last year, according to real estate brokerage Zillow.
But the cost can go up quickly if you rent for a long time.
If your lease is only one year, the average rent could be $1,000 per month, Zillows said.
Renters who rent out their homes have access to many of the same features that homeowners can.
Zillow said homeowners can pay an annual $1.5 million rent and still enjoy more than $2,500 in savings per year.
There are many different kinds of renting.
For example, a homeowner can rent out his or her home to others to enjoy their own lifestyle.
Or, a single parent can rent to a family member.
A home is a good investment if you can get one.
Rental rates are usually higher than other types of investments, so you can usually earn a higher return with a mortgage or a rental property.
But there are other things to consider.
Consider the value of your home when you buy it.
A home can be a great investment if it is worth $100,000 or more, said Paul Dauber, an agent for Zillower Real Estate Services in Phoenix.
The value of the property is often higher if it’s used as an investment or a place to live, such as a condo, said Daubers.
“If you have a home worth less than $100 million, you’re not going to have a very good return,” he said.
“If it’s worth $1 million, it’s not a bad return.”
Read more from The Wall St Journal:What to do when you’re having trouble paying your mortgageThe real estate industry is trying to figure out how to make renting a better investment.
With some rental property listings available for sale on real estate sites, it may not be a good idea to rent a property.
But many home buyers want to save money, so many are looking to rent out a property for short-term use.
For example, some renters have a friend who lives in another city and wants to live in the same house.
It may be possible to rent the house for a year or two and rent out it for short periods of time, such a few months or even a few years, said ZillOW senior vice president Scott Johnson.
But it can be costly to have the house permanently rented out.
You can also use a broker to rent your home out.
These brokers often offer discounted rates and are able to rent from multiple homes, said Johnson.
You can find more details about renting out a home on the Real Estate Investor Network website.