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The True Cost of Not Owning Your Home
December 09, 2019 at 7:28am | Mac Rogers
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.”
Hi Mac with Albert Rogers Realty.
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
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. I'm Mac Rogers. Thanks for watching and I will see you at my
next open house.