5 ways the pandemic made me realize I'll be happier renting a home for a very long time

• Most of my friends bought homes during the pandemic, but I realized I want to rent for a long time.
• The upfront costs of buying are high, and homeowners also deal with many surprise costs.
• Renting also offers flexibility, freedom from mortgage debt, and you don't have to make repairs.
• Read more from Personal Finance Insider.

One of the biggest debates I have these days with my friends: Is renting or buying a better option? While most of my friends became first-time homeowners during the pandemic, my position on renting only grew stronger.

Before the pandemic, I wasn't eager to buy a place to live because I didn't know where I wanted to live long-term, and it wasn't something I felt ready to do financially.

Once the pandemic hit, I found myself feeling even happier that I was renting my apartment and not locked into a mortgage — or to a home that I rushed into buying. I realized that renting is something I want to continue doing for a very long time. Here are five reasons why.

1. Flexibility means everything to me 

As a renter, every year I get to decide if I want to stay put or head somewhere else. Before the pandemic hit, I took advantage of my work-from-home lifestyle and the end of my lease by choosing to live in 10 different cities over the course of two years. That flexibility put me at ease during the pandemic when I wasn't sure if I wanted to stay in New York City anymore.

Even though I ended up renewing my lease in 2021 for another year, I had the option of signing either a six-month lease or an 18-month lease. As a renter, the decision of how long to stay was in my court.

2. The costs are fixed and predictable

When you own a house, you have some fixed costs like mortgage payments, homeowner's insurance premiums, etc. — but you also have to account for pop-up costs that can fluctuate, like HOA fees and home repairs. 

But as a renter, I know exactly what my costs will be every month of the year. I know how much cash I owe my landlord, the range of what my utilities will be, and how much to give the staff of my building in holiday season tips.

I am able to budget and save for this so that it's never a surprise. This stability in renting costs helped me feel more stable in my finances during the chaos of the pandemic.

3. You don't have to fix what's broken

During the pandemic, I spent more quality time in my apartment than ever before. This meant that there was quite a bit of wear-and-tear on appliances and my space. Within the span of six months my fridge stopped working, a faucet needed to be replaced, and the air conditioner broke. 

It didn't cost me a penny to have my landlord take care of these things. If I was a homeowner, I might have had to spend over $1,000 just to fix what was broken. 

4. It's way less expensive up front 

A big perk of being a renter is that it truly is less expensive up front. Other than putting down a security deposit, which was a half-month's rent, there were no other costs for me to move into my apartment. If I bought a home I'd have closing costs, realtor fees, and a down payment — all due before I received the keys to my home.

If I ever wanted to buy a home, saving up for those expenses would take me many years. I have other big ticket items I'm saving for first, like buying a small business and also a car.

5. You don't need to worry about carrying debt 

If I had enough cash in the bank to buy a house without taking on a mortgage, I might change my mind about being a renter. 

Since I don't have that kind of capital, the thought of having a mortgage, taxes, and insurance to pay during the pandemic would have put a lot of stress on my finances. 

Even though people consider mortgages "good debt" — which is defined as money owed for things that can help build wealth or equity in the future — I would be afraid of defaulting on my mortgage during something like this pandemic, when my income paused for awhile. This could have lowered my credit score, or put me at risk of foreclosure. 

It's made me feel better about my financial security knowing that as a renter, I'm not carrying that kind of debt.