Don’t Wait for a Lower Mortgage Rate – It Could Cost YouToday’s housing market is truly one for the record books. Over the past year, we’ve seen the lowest mortgage rates in history. And
The True Cost Of Not Owning Your Home
Dated: November 27 2019
Views: 263
The True Cost of Not Owning Your Home
There are great advantages to owning a home, yet many people continue to rent. The financial benefits are just some of the reasons why homeownership has been a part of the long-standing American dream.
Realtor.com reported that:
“Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option…as people get more savings in their pockets, buying becomes the better option.”
Why is owning a home financially better than renting?
Here are the top 5 financial benefits of homeownership:
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 less expensive than renting.
No other investment lets you live inside of it.
Studies have also shown that a homeowner’s net worth is 44x greater than that of a renter.
A family that purchased a median-priced home at the start of 2019 would build more than
$37,750 in family wealth over the next five years with projected price appreciation alone.
Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment – along with a profit margin!
Bottom Line
Owning a home has many social and financial benefits that cannot be achieved by renting. Let’s connect to determine if buying a home is your best move.
Latest Blog Posts
Early October is the Sweet Spot for BuyersAre you looking to buy a home? If so, we’ve got good news for you.While there’s no denying the housing market is having a great year, many of
Reasons You Should Consider Selling This FallIf you're trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellers' market we're
What Does Being in a Sellers’ Market Mean?Whether or not you’ve been following the real estate industry lately, there’s a good chance you’ve heard we’re in a serious sellers’ market. But
The information being provided by Lake Havasu Association MLS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the Lake Havasu Association MLS. Keller Williams Arizona Living Realty is not a Multiple Listing Service (MLS), nor does it offer MLS
The information being provided by Western Arizona Realtor Data Exchange is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the Western Arizona Realtor Data Exchange. Keller Williams Arizona Living Realty is not a Multiple Listing Service (MLS),
