Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for the entirety of America’s existence.
“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.”
What proof exists that owning is financially better than renting?
Homeownership allows you to lock in your monthly housing cost.
Buying a home is cheaperthan renting.
No other investment lets you live inside of it.
2.Studieshave shown that a homeowner’s net worth is 44x greater than that of a renter.
3.Less than a month ago, we explained that a family that purchased an average-priced home at the beginning of 2018 could build more than $49,000 in family wealth over the next five years.
4.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!
Owning your home has many social and financial benefits that cannot be achieved by renting.
Author:Brian Woodhead -Skyline Team Leader Phone: 602-369-0671 Dated: October 8th 2018 Views: 150 About Brian Woodhead: Realtor Designation
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