Many Americans are struggling with handling their finances due to various reasons, and it’s starting to take a toll on their mental health. During the COVID-19 pandemic, mental health woes have increased in many young adults.

Therefore, becoming a homeowner is not for everyone. Although many people believe that purchasing a home and becoming a homeowner is the best financial decision one can make, renting may be the best option for you.

For many, owning a home is the ultimate "American Dream." Homeownership allows you to have a property to call your own, leaving you with a sense of pride, confidence, and security.

Whether renting or owning, housing expenses are the most expensive line items in the financial budget for many Americans. However, the extra room in your home could potentially equate to extra income if you are interested in exploring house hacking.