I can afford to put down 20% for a house, but I'd rather keep renting for 5 reasons

• All of my friends bought homes recently, but I'm still renting - even though I can afford to buy.
• I don't know where I ultimately want to live, and I like being able to move for different amenities.
• Plus, I don't want to pay for property tax or homeowners insurance right now.
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Over the past few years, all of my friends have said goodbye to renting and become first-time homeowners. It happened quickly. Some of them got fed up with paying so much to rent that they found a house in their price range and bought it on the spot. Others got tired of living in such a small space during the pandemic that they moved out of New York City and bought a place somewhere else. It's made me the odd one out in our friend group, since I'm now one of the last people I know who is still renting.

When I look over my financial portfolio, I see that I can absolutely afford a down payment on a house, which is often around 20% of the home price. Yet even though it's something I can financially take on, it's not something I want to do right now. While it might not make sense to any of my friends, there are five reasons I'd rather continue renting than buy a house.

1. I'm not sure where I want to live

I've been living in New York City for almost 10 years and am getting an itch to potentially move someplace else. I'm even tempted to try out new cities for a few months at a time. Because of that, buying a home does not make sense for me right now.

Even if I knew I wanted to live in a certain city, I'm not at a point in my life where I feel I'd be able to commit to staying there for more than a few years, which might counteract a big benefit of owning a house, which is being able to sell that property for more money down the road.

2. I don't want to pay real estate taxes

While I can afford a down payment on a home, I'm not quite sure I want to budget and save for yearly real estate taxes that come with being a homeowner.

When you rent, you don't have to pay any property taxes. But when you buy, you're faced with having to pay thousands of dollars a year in property taxes. The amount is based on many different factors, including the estimated property value of the house and land, and where you live.

3. I like being able to move for different amenities

One thing I love about renting is the ability to have flexibility when it comes to wanting more or less space, changing location, and even being able to snag an apartment in a brand new building when it opens. Plus, it's fun to look for new buildings to live in every year that offer amenities included in the price of rent.

For example, one year, my husband and I decided we'd rent a smaller studio to live in and use the extra cash for a co-working space. Another year, we moved to a new and bigger one-bedroom because we wanted the amenities. Next year, we might move to a two-bedroom in a brand new building opening in a prime location that's offering a discount on rent.

You can't do these things when you own and live in your home.

4. Homeowners insurance can be pricey

Another cost of owning a home is homeowners insurance. While we do pay for renters insurance, which covers valuables and furniture inside the apartment, it's only around $150 a year. Getting homeowners insurance is pricier, since it not only covers the contents inside but also covers repairs of your home, and can be thousands of dollars a year.

5. I want to invest my money elsewhere

While I can afford a down payment on a house, I'm eager to use that money for other investments instead. I want to use part of that money to invest in a promising business I'm starting, use another part to diversify my investment portfolio in the market, and put the rest in a high-yield savings account to make passive income while I decide what to do with the cash.