Still Renting? What is True Cost of Not Owning Your Central Wisconsin Home

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Real Estate Agent with Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities #1 in Forest Land Mgmt

Still Renting? What is True Cost of Not Owning Your Central Wisconsin Home

The True Cost of Not Owning Your Home

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!

Bottom Line

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

Give us a call and learn how we can help you to start putting those rent checks into your own home!

Bob

 

 

 

Thanks to KCM for sharing this information.

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Rainmaker
486,131
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Great points Bob Crane specially number 4. Buyers should be taking advantage of the super low interest rates and have affordable mtg payments

Dec 09, 2019 02:53 PM #1
Rainmaker
83,634
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 702-574-8102

Always true and still true, Bob.

"No other investment lets you live inside of it." An absolutely quotable reason.

Dec 09, 2019 03:51 PM #2
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