Buying a home vs renting. What's the difference?

By
Real Estate Agent with Florida Homes Realty & Mortgage

Buying vs renting

Are you trying to decide if it makes more sense to rent or buy a home today? If so, here’s what you need to know. Renting and owning are fundamentally different in so many ways. And owning a home has the power to change your life. Take a look at this. The net worth of a homeowner is significantly greater than a renter. On average, a homeowner’s net worth is about three-hundred-thousand dollars. On the other hand, a renter’s net worth is about eight thousand dollars. Let that sink in for a moment. That means a homeowner’s net worth is roughly forty times greater than a renter’s. Now, why is that? One reason is, when you rent, your monthly payment goes toward your housing costs, but doesn’t have any long-term benefits. But, when you own, your monthly payments and any home price appreciation helps you build equity. And that equity gives your net worth a big boost over time.I know mortgage rates feel high today, but it may still make sense to buy a home when you consider the long-term benefits of investing back in yourself. 

Mike & Cindy Jones, Jacksonville Real Estate Agents, REALTORS
904 874-0422
Berkshire Hathaway HomeServices
Florida Network Realty

Comments (2)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Families on the move will appreciate your local real estate reports. Bill

Oct 14, 2022 06:38 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.   Thanks for sharing and enjoy your day!

Oct 27, 2022 05:59 AM