The True Cost of Not Owning Your Home

By
Real Estate Agent with REMAX Realty Group Lic. # SL3154233

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:

  1. Homeownership is a form of forced savings.
  2. Homeownership provides tax savings.
  3. Homeownership allows you to lock in your monthly housing cost.
  4. Buying a home is less expensive than renting.
  5. 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!

 

buying a home in 2020 

Bottom Line

Owning a home has many social and financial benefits that cannot be achieved by renting. Reach out to a Real Estate Professional: Abby Stiller to determine if buying a home is your best move.

info provided by KCM

Posted by

 

Abby Stiller 

Realtor® Lic. #3154233    

12 Years of Experience

RE/MAX Realty Group    Cape Coral Fort Myers Naples  Realtor Cape Coral      

 

I help Home buyers find their dream home & Homeowners sell for more. Thinking of buying or selling? Call/Text me: 239-284-8637   Your Honest & Dedicated Realtor!

or visit: www.TeamStiller.com

 

close

Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Florida Lee County Cape Coral
Tags:
appraisals
first time home buyer
fort myers
local realtor
preapproval letter
cape coral fl
rsw
buying a home with fha loan

Spam prevention
Show All Comments
Rainmaker
4,162,515
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Great post Abby, and points well taken.    Buying real estate is a good decision! 

Dec 01, 2019 09:23 AM #1
Rainmaker
2,853,039
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Abby Stiller very good list of tips for the true cost of not owning a home.

Dec 01, 2019 09:26 AM #2
Rainmaker
459,613
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Hi Joan Cox and John Pusa , Thanks for the comments. More people should consider buying a home this new year and take advantage of the low interest rates and other benefits. Have a great day!

Dec 01, 2019 09:34 AM #3
Rainmaker
431,906
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 480-966-9353 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Hi Abbey, great points in a short and easy to read blog. I will re-post on my blog.

Dec 01, 2019 09:42 AM #4
Ambassador
2,108,363
Michelle Cherie CarrCrowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

I agree, buy a home-No other investment lets you live inside of it.

Dec 01, 2019 01:36 PM #5
Rainer
10,586
Lisa Weiler
PM LLC - Los Angeles, CA
Interior Design Expert & Home Stager

My favorite part of homeownership is #3 - Locking in your monthly housing costs! It is especially useful in a high cost of living area.

Dec 01, 2019 01:52 PM #6
Rainmaker
3,246,025
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Abby,  great blog and one that buyers and renters should read for sure.  come on 500,000 points.

 

Dec 02, 2019 07:02 AM #7
Rainmaker
459,613
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Will Hamm I'm getting closer but still I need another 53k points 

Dec 02, 2019 08:59 AM #8
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
459,613

Abby Stiller

Professional Bilingual Realtor (239) 284-8637
Ask me a question
*
*
*
*
Spam prevention