Owning a home has great financial benefits, yet many continue to rent!
Today, let’s look at the financial reasons why owning a home of your own has
been a part of the American Dream for as long as America has existed.
Realtor.com recently 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.”
What proof exists that owning is financially better than
renting?
1. In a previous blog we highlighted the top 5 financial
benefits of home ownership:
Home Ownership is a form of forced savings.
Home Ownership provides tax savings.
Home Ownership allows you to lock in your monthly housing cost.
Buying a home is cheaper
than renting.
No other investment lets you live inside of it.
2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.
3. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2018
could build more than $44,000 in family wealth over the next five years.
4. 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 always been, and will always
be, better from a financial standpoint than renting.
If you have dreams of owning your own home instead of renting, contact us today and we will put our 40+years of experience to work for you and accomplish your goals.
The Militello Team
Joseph (978) 815-3877
Kathleen (978) 500-1480
Vice President/Realtor
Source: Keeping Current Matters