Question

What expenses do you need to budget for if you choose to rent a home? Check all that apply.

a mortgage payment
a rent payment
homeowners insurance
renters insurance
property taxes
a security deposit
utility payments

Answer 1

Correct choices to budget for when renting:

- a rent payment (yes)
- renters insurance (yes — optional but recommended)
- a security deposit (yes — usually paid upfront)
- utility payments (yes — often tenant’s responsibility)

Not applicable when renting:
- a mortgage payment (no — that’s the homeowner’s expense)
- homeowners insurance (no — the landlord typically carries this)
- property taxes (no — paid by the owner/landlord)