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The True Cost of Not Owning Your Home
People often say they like the "freedom" of renting. Yet most renters never even bother to examine the option of owning their own home. I always encourage people to at least look at what their home ownership options are so they can feel "free" to move forward in the path that is best for them.
I agree, one big plus of buying a home is this "No other investment lets you live inside of it."
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 ... more
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