18 Things Boomers Need to Stop Saying to Millennials About Money - Iqraa news

The advice that buying a home is always an excellent investment is one “millennials should ignore,” says Laura Adams, MBA, a personal finance author and expert with Finder.com. “Whether you should own or rent a home depends on many factors, such as your job stability, plans to stay in an area, lifestyle, credit, savings, and budget.” 

Doug Carey, a chartered financial analyst and owner of WealthTrace, says that unless you plan to live in one house for at least seven years, renting is the better plan given the costs of buying and moving. Additionally, tax law changes have made it more challenging to itemize deductions, a requirement for claiming the home mortgage interest deduction, Adams says.