You are reading "Thoughts on Stewardship"
In God's economy we are told to get our life established, both spiritually and financially, before we buy that first house.
At some point in our lives most of us will ask the question, "Should I buy or rent my next house?" There are a number of good websites to help us answer this question from a financial perspective. Here is one from The New York Times and one from Crown Financial Ministries. However, as Christians our first place should not be a calculator or website, but the counsel of God. Although the Bible does not speak directly to this question, it does give us a number of cautions and principles that are very useful in making this decision. Let's look at a few of them.
Timing: Proverbs 24:27 tells us to get our career established before we build our house. I have worked with a number of young people who were unable to make career moves because they were tied down to a mortgage. Sadly, one was a young man that felt called into ministry. This is perhaps the most direct verse in the Bible addressing the own vs. rent issue, and there is a lot of wisdom in getting your career established before buying that first house.
Debt: Debt leads to bondage (Proverbs 22:7). Mortgage is debt and most of us need a mortgage to purchase a home. In addition to the bondage that could keep us from making a career change, how many young mothers have been denied the opportunity of investing their lives in their children because of the need for two incomes to support a mortgage? There are over 30 verses that talk about debt in the Bible and none of them present it in a positive light. A mortgage is debt and God clearly discourages (not forbids) debt.
Investing: Many times we forget that buying a house is an investment and renting is not. Jesus encourages us to invest (Matthew 25:14-30) and Solomon tells us to diversify our investments (Ecclesiastes 11:2). A house (real estate) is usually a good investment. We need to remember that like other investments, housing prices do not always go up. From 2006 to 2010 we saw a drop in the average housing price of about 25%. There is risk in owning that does not exist in renting.
Costs: In Luke 14:28 Jesus tells us to count all the costs before we build a house. The maintenance costs (painting, repairing furnaces, leaky pipes, etc.) related to ownership are in addition to mortgage payments. Most of these costs are included in rental payments. Many of the "rent vs. buy" calculators do not take maintenance costs into account. Most of the time when we add the additional maintenance costs to owning a home, renting is cheaper than owning. The Bible tells us to count all the costs.
Motives: Our house most likely will be the largest purchase we make and is a reflection of who we (think we) are. Many people, like Solomon, try to achieve happiness and status through acquiring large homes (Ecclesiastes 2:4). Solomon failed (Ecclesiastes 2:11). Our identity is in Christ (1 Peter 2:9), not in the house we own. Be careful of motives in purchasing a home.
Priorities of God's Work: In Haggai 1:1-11 the Israelites had the wrong priorities in building their houses before building the temple (God's house). How we spend our money and time is a picture of our priorities (Matthew 6:21). Remember the early church sold their homes to meet the needs of others (Acts 4:34-35). How many of us would be willing to do this today? Stewardship is holding our possessions with an open hand. Ownership will result in a greater temptation of taking care of our house over God's work.
So does the Bible speak directly about owning a home verses renting one? I would say no. However God provides a number of verses that are helpful to a Christian making the decision to own or rent. In man's economy the world shouts, "Buy that first house as big and as soon as possible." In God's economy we are told to get our life established, both spiritually and financially, before we buy that first house. Every decision we make must be done with an open Bible and made to the glory of God (Colossians 3:17).
