RENTING can cost you a LOT of money!
|
Owning a home has great financial benefits, yet many continue to rent! Let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.
Realtor.com recently reported: |
"buying remains the more attractive option in the long term, and
renting in most markets has become a really shortsighted option".
renting in most markets has become a really shortsighted option".
Why is owning financially better than renting?
Studies have shown that a homeowner’s net worth is 44x greater than that of a renter. Based on projections, a family that purchase an average-priced home at the beginning of 2018 could build more than $44,000 in family wealth over the next five years.
Some argue that "renting eliminates the cost of taxes and home repairs", but renters must realize that all of the expenses the landlord incurs are already BUILT IN to the rent they're charging (along with a profit margin)! So renters are already paying a mortgage - someone else's.
- Homeownership is a form of forced savings.
- Homeownership provides tax savings.
- Homeownership allows you to lock in your monthly housing cost.
- Buying a home is usually more affordable than renting.
- No other investment lets you LIVE in it!
Studies have shown that a homeowner’s net worth is 44x greater than that of a renter. Based on projections, a family that purchase an average-priced home at the beginning of 2018 could build more than $44,000 in family wealth over the next five years.
Some argue that "renting eliminates the cost of taxes and home repairs", but renters must realize that all of the expenses the landlord incurs are already BUILT IN to the rent they're charging (along with a profit margin)! So renters are already paying a mortgage - someone else's.
Owning a home provides pride-of-ownership and is smarter financially than renting.