Owning a home has great financial benefits, yet many continue renting! Today, 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.
Zillow recently reported that:
“With Rents continuing to climb and interest rates staying low, many renters find themselves gazing over the homeownership fence and wondering if the grass really is greener. Leaving aside, for the moment, the difficulties of saving for a down payment, let’s focus on the monthly expenses of owning a home: it turns out that renters currently paying the median rent in many markets could afford to buy a higher-quality property than the typical (read: median-valued) home without increasing their monthly expenses.”
What proof exists that owning is financially better than renting?1. The latest Rent Vs. Buy Report from Trulia pointed out the top 5 financial benefits of homeownership:
3. Just a few months ago, we explained that a family buying an average priced home at the beginning of 2017 could build more than $42,000 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!!
Bottom LineOwning a home has always been, and will always be, better from a financial standpoint than renting.
7/25/2017 10:37:54 am
All good points. I am continually surprised at the decision to rent and "throw money away." Renting is only good for a truly temporary situation, not "settling in" for anything beyond a year or two. I love your title...there really is a "cost" for not owning a home!
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