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

cnbc.com:

Have the money to buy a home? If you follow through, it may not be money well spent.

For generations, Americans have thought of homeownership as a hallmark of success. Even today, 74% of U.S. adults say owning a home is a cornerstone of the American dream — ranking higher than milestones like retiring, having a good career, getting a college degree or having kids, according to a recent Bankrate poll.

But there are reasons not to buy a home, even for those who can afford to do so.

«I don't think it should be an automatic for everyone,» said certified financial planner Jude Boudreaux, senior financial planner with The Planning Center in New Orleans and a member of CNBC's Financial Advisor Council. «You could live your whole financial life renting and be very happy.»

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Here are three reasons it may be smarter to rent.  

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, Boudreaux said.

For example, if you move to an unfamiliar place, «renting can be a nice