Although half of American renters say that they rent because of circumstance rather than by choice, renting can, in fact, be a boon to your lifestyle, and in some cases to your finances. If you're a renter, someone else is responsible for the time and money variables necessary to maintain the home.

Your landlord, or property manager, is legally required to make sure that your building — including hardware like the toilet and the refrigerator that came with the rental — is in good working order. Maintenance can easily run between 1 and 2 percent of the house's value every year, and the occasional large repair, like a roof replacement, can arrive without warning, throwing your finances into a tailspin … if you own the place.

Renting can actually save you money and leave you with more time for working, playing, and enjoying your family. Also, if you rent in a town or city with rent control, your landlord is required to keep rent increases to a minimum — sometimes at much less than the rate your paycheck increases — whether or not the value of the home has changed, or whether the landlord made major repairs on the building.

Renting makes sense when you plan on staying in the home less than five years. Homes rarely accumulate enough equity in the first five years of ownership to make them the highly profitable investment they become if you live in them for more than that long. If your life is unsettled and likely to remain so, the flexibility of being able to leave with one month's advance notice has distinct advantages — such as being able to buy the right property at the right time, or to transfer to another city for a job opening.

However, renting doesn't make sense for everyone. Without rent control, you may face large and arbitrary annual rent increases. In rare circumstances, a landlord may evict tenants for subjective reasons — such as wanting to move into your home. Finally, as a renter, you don't accrue equity in your home, which for most homeowners translates into the largest asset they own and a major cushion when it comes time to retire.