NOT Owning Your Home Is Costly
Owning a home has great financial benefits — yet many continue renting! 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.
What proof exists that owning is financially better than renting?
- The latest Rent Vs. Buy Report from Trulia pointed out the top 5 financial benefits of homeownership:
- Mortgage payments can be fixed while rents go up.
- Equity in your home can be a financial resource later.
- You can build wealth without paying capital gain.
- A mortgage can act as a forced savings account
- Overall, homeowners can enjoy greater wealth growth than renters.
- Studies have shown that a homeowner’s net worth is 45x greater than that of a renter.
- Just a few months ago, we explained that a family buying an average priced home at the beginning of 2017 could build more than $42,000 in family wealth over the next five years.
- 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!!
Conclusion is Obvious
Owning a home has always been, and will always be, better from a financial standpoint than renting.
Reach out to Skyrise Real Estate Group today with the rest of Silicon Valley and let’s work together in finding your dream home.
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