While many people strive to one day own a home, renting apartments in Philadelphia in the meantime can relieve a financial burden of home ownership. Here are five reasons why renting apartments in Philadelphia can be the smart move:

1.  No Large down payment or real estate tax – While many Philadelphia apartment renters often have to pay a first month’s rent as well as security deposit that can run $3,000 or more, that often does not come close to the 20% or so down payment one must put on a house. You could easily pay $50,000 or more on down payment– depending on the cost, inspection fees and more. Also, homeowners must pay real estate tax, which adds a considerable amount to your mortgage costs.

2.  Little maintenance or repair bills – Investopedia notes that when you rent an apartment in Philadelphia, your landlord is often the one to spring for any repairs. “If an appliance stops working or your roof starts to leak, you do not have any financial responsibility to have these things fixed. Homeowners, on the other hand, are responsible for all of their own repair, maintenance and renovation costs,” says Investopedia.

3.  Access to Luxury – Let’s face it, renting nice apartments in Philadelphia that could have a pool or gym as part of its complex, like some of the newest Post Brothers Apartments, will be less expensive than owning a home or condo with such amenities. Even if you buy a home that has a swimming pool, for instance, the upkeep of the pool plus the heating alone, could cost a small fortune.

4.  No Upside Down Investments – The housing market has risen and fallen drastically over the past six years. Renting apartments in Philadelphia is a safe way to stay clear of an “upside down” investment, meaning the current worth of your home is less than what you originally paid for. In addition, the scare of a foreclosure is enough to send many to the safer harbors of renting versus owning.

5.  Long-term commitment – If you tend to move around a lot for a job or other reasons, renting an apartment in Philadelphia can be an easier option. Many people take a 30-year mortgage on their home – and even if they have to leave, selling or renting it out takes much time and money. Renters can come and go a bit more easier and their pocketbooks will not suffer as much as a home owner.