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 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!
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
Realtor® Lic. #3154233
12 Years of Experience
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