The joys of home ownership have produced many maxims or proverbial sayings. Here are a few of them: Owning your home confers bliss; Owning your home is an integral part of the American Dream.

There are also maxims for not owning your home: Upkeep of owning a home can kill happiness; House rich & cash poor.

It is clear that not everyone is made happy by the same events. There is also no scientific evidence that home ownership makes you happy. So, which maxims ring true for you?

Some people rent, because they like the lifestyle. You pay your rent and someone else takes care of upkeep and repairs.

Others like to move often or plan to move to another city over the next several years. It usually takes 5-7 years to recoup brokerage fees and closing costs included in buying a home.

The real estate market may be the reason you rent. Your local real estate market is unattractive and renting is a better deal in today’s market. You might live in a locality where renting is the norm.   In New York City 70% of units are rentals.

Others rent, because ownership is not viable for financial reasons. You have no savings for a down payment or emergency funds for repairs and unexpected expenses. You have a credit score that would not qualify you for a mortgage.

Others do have adequate savings and good credit, but they still do not want the responsibility of owning their own home. They prefer the advantages of renting.

People who own their home like the idea of building equity in their home. Some like the current interest rate market and believe it is a good time to get a mortgage. Some like the mortgage interest tax deduction. Others have the “HGTV gene” and love to remodel and redecorate.

No matter if your happiness comes with renting or owning your home, you should be disciplined about how much you spend on housing costs. The rule of thumb is your housing costs should not exceed 30% of your income. Like all rules it is just a general parameter. Today 41 million U.S. households spend more than 30% on housing.

Housing costs in a city reflect location – neighborhood, schools, crime rate, access to jobs, access to amenities, public transportation and others. You are probably spending more than 30% if you live in a location that has the best of all of the above.

There is plenty of room in this world for both renters and owners. You need to determine what is comfortable for you at this time.

Recommendation: A book about the behavioral science of money is “Happy Money: The Science of Smarter Spending” by Elizabeth Dunn and Michael Norton.