The debate around renting vs. buying your primary residence has been going on for decades. Many people believe that buying is better than renting because of the ability to build equity in the property and not "pay someone else's mortgage".

But contrary to that belief, renting is not a waste of money. You're not "throwing money away" just because you're paying to live on someone else's property. Renting has many benefits that pro-homeownership folks often don't consider.

Here are 7 reasons why renting can be better than buying.

Fewer bills to pay

Renting requires two bills: rent and insurance.

The average annual cost of renters insurance in the United States is around $148, which is less than 10% of the average home insurance cost, which comes in around $1,820.

After your rent is paid on the first of the month, that's all you have to worry about until the next month.

If you buy a house, you're on the hook for the monthly mortgage payment, which includes the principal and interest amount of the mortgage.

But it doesn't stop there. You have to pay property tax to the government, which renters don't have to pay.

And then there's maintenance fees. For homeowners, this is usually in the form of condo fees or HOA fees. These fees go towards regular maintenance and repairs for common areas of the condo building or housing community, such as:

• Garbage and snow removal
• Exterior window washing
• Lawn care
• Swimming pool
• Gym equipment
• Entertainment room
• Elevators
• Roof
• Parking garage doors

The additional fees associated with buying a property are a big reason why comparing rent to mortgage payments alone doesn't paint an accurate picture of the full costs of renting vs. buying.

Lower upfront costs

In today's economy, the effects of inflation have had a significant impact on the average cost of living. People are not able to afford the same lifestyle without spending more money.

As a result, this means less money is going towards savings, which makes it difficult for the average person to save for a house down payment. Even if you can save a bit every month, it can feel futile to try and catch up to seemingly ever-increasing home prices.

Aside from a down payment, buying a house involves several upfront costs and fees which can include:

• Home inspection
• Legal fees
• Title insurance
• Transfer tax
• Mortgage broker fee

Renting requires lower upfront costs. For the cash-strapped individual or couple with average or below-average savings, renting is a much more realistic scenario in terms of financial costs.

Typically, deposits required for renting include a key deposit, worth up to the cost of replacing the keys, and two months of rent: one for the first month and one for the last month. The deposits required may vary depending on where you live, but in general, the total upfront cost of renting is much less than that of buying a house.

More flexibility

While some families may value the stability of owning a house over the long term, younger adults or DINKs may want the ability to easily move places if they're not set on settling down in the near term.

People who work in professions that involve frequent travel, such as travel nurses, consultants, or flight attendants, may opt to rent their primary residence since they don't spend a lot of time at home. In these cases, taking on the additional costs of buying a house simply doesn't make much sense.

Buying a house is a long-term commitment and makes it relatively difficult to move. It can take up to several months to sell a house, depending on the level of demand in the market. Not to mention, you would have to pay a five to six percent real estate commission upon selling your house.

No maintenance responsibility

As a tenant, you are not responsible for any major maintenance or repair costs due to regular wear and tear. Renters have the luxury of calling up their landlord when the fridge starts leaking or the heater stops working. The landlord is responsible for the maintenance of the condo and any appliances in it.

Now, if you cause avoidable damage like drunkenly punching a hole through the wall, then that's a different story.

However, renters are generally protected from paying unexpected expenses that fall under the owner's responsibility. Renting can save you from having to shell out hundreds or even thousands of dollars in the case of emergency repairs.

Utilities are lower

In many rental agreements, the landlord may cover expenses related to water, sewer, and trash removal. However, tenants are typically responsible for electricity, gas, and internet. In some cases, all utilities can be included in the cost of the rent, depending on the lease agreement.

In general, renting a condo or apartment unit will result in lower utility bills simply due to the size being a lot smaller than a house. Since there is less space and usually fewer occupants on average in a rental unit, utilities will be lower as a result.

Amenities included

Ever wish you had a home gym or a swimming pool in your backyard?

Well, if you're renting in a condo, apartment building, or small community, they often include access to amenities, like:

• A gym or exercise room
• A swimming pool
• Entertainment rooms
• Barbecues on the terrace
• A concierge or security

Okay, you'll still have to share these amenities with other residents, but being an elevator ride away from a workout or swim seems like a pretty good deal. Also, consider how much you would save from not paying for a gym membership, as the cost is included in your rent.

If you buy a house, you'll need to have the space and the money to be able to set up these sorts of private amenities. Otherwise, you're stuck paying for a membership at a public gym, which doesn't come with the same convenience as having one in your building.

Also, a concierge or security at the front desk of the building can offer peace of mind, both in terms of your safety and receiving deliveries without getting them stolen off of your front porch.

Predictable payments

Rent payments are fairly predictable. A price is determined between the landlord and the tenant which remains the same until the next year.

Admittedly, buying a house with a fixed mortgage interest rate has a similar benefit. This is especially true if you're able to lock in a long-term fixed-rate mortgage at a low rate.

However, if you opt for a variable-rate mortgage, you have no control over what interest rates will be in the future. This can introduce uncertainty in predicting your future mortgage payments. If interest rates increase dramatically, you'll be stuck with paying more each month.

While renters aren't directly exposed to interest rate fluctuations, the demand in the rental market can be affected. The best approach to renting is to look for a rent-controlled unit, which means that your rent can only increase by the guideline amount each year. Rent control allows tenants to easily predict their future payments ahead of time, which can help with budgeting.

Should you rent instead of buy?

The benefits of renting are often overlooked or not talked about. Just because you aren't building equity in a house doesn't mean you're "throwing money away".

Rent is the cost of not having the responsibilities that buyers have. It's also the price you pay for flexibility. If renting makes sense for your situation, you can invest your money in the stock market or a rental property and grow your equity that way.

The choice of renting vs. buying is dependent on your specific financial and personal situation. It may make more sense to rent or buy based on various factors, including location, job type, and savings.

For me, I'm choosing to rent since it fits my financial situation and desired lifestyle, but for others, it might not.

Do you value convenience or control?

Would you rather maintain a house or live with fewer worries?

These are some of the questions you should ask yourself before you make a decision that will affect not just your finances, but ultimately your lifestyle.