Mark Zuckerberg decides to rent rather than buy new home

He may be a billionaire, but when Mark Zuckerberg recently decided to pack his moving boxes and relocate into a new home, he chose to rent rather than buy.

The Facebook founder and CEO made a small relocation from one Palo Alto rental home to another, only blocks away from Facebook headquarters. Zuckerburg upgraded from a 2,350 square foot house on Princeton Street to a 5-bedroom 3,800 square foot mini-mansion. AOL Real Estate reports Zuckerberg's old house has been listed at $7,850 a month for any interested renters.

Both of Zuckerberg's homes have been located in the College Terrace neighborhood of Palo Alto near Stanford University.

Tom Doyle, of Sotheby's International Realty, told the site that since buying is obviously in Zuckerberg's means, the 26-year-old is probably settling for renting because he does not want to settle down in one area.

During these troubled times for the housing market, many who are interested in moving into a new home may choosing to rent instead of buy. A recent Fannie Mae survey on home ownership demographics discovered that 33 percent of respondents said they were more likely to rent rather than buy their next home, up 3 percent from January 2010.
 

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