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

By
Real Estate Agent with Berkshire Hathaway HomeServices Florida Network Realty

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