3 reasons it can be smarter to rent, even if you can afford to buy

Prospective homebuyers should have conviction about where they want to live, said Kamila Elliott, a CFP based in Atlanta and a member of CNBC’s Advisor Council.

For example, would they enjoy living for several years in a particular city or suburb, or in a specific neighborhood? If they had relocated for a job, would they still want to live there if they lost that job?  

If the answer to any of those questions is no, renting is likely best, said Elliott, co-founder and CEO of Collective Wealth Partners.

“If you can’t commit to being there [at least] three years, don’t buy,” said Elliott.

Flexibility is a big plus for renters,…