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The True Cost Of NOT Owning Your Home

Posted by David E. DeChant on Monday, October 8th, 2018 at 9:33am.

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 the entirety of America’s existence.

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.”

What proof exists that owning is financially better than renting?

1. In a previous blog, we highlighted the top 5 financial benefits of homeownership:

  • Homeownership is a form of forced savings.
  • Homeownership provides tax savings.
  • Homeownership 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. Less than a month ago, we explained that a family that purchased an average-priced home at the beginning of 2018 could build more than $49,000 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 your home has many social and financial benefits that cannot be achieved by renting. Talk to a REDCO Agent today about your options!

 

Source: https://www.keepingcurrentmatters.com/2018/10/08/the-true-cost-of-not-owning-your-home/ 

3 Responses to "The True Cost Of NOT Owning Your Home"

What’s Going On With Home Prices? wrote: [...]Links

The True Cost Of NOT Owning Your Home
Buying A Home Is Cheaper Than Renting In 38 States! [INFOGRAPHIC]
Are We[...]

Posted on Tuesday, October 9th, 2018 at 12:04pm.

New Home Sales Up 12.7% From Last Year wrote: [...]Links

What’s Going On With Home Prices?
The True Cost Of NOT Owning Your Home
Buying A Home Is Cheaper Than Renting In 38 States! [INFOGRAPHIC]




[...]

Posted on Wednesday, October 10th, 2018 at 11:05am.

Dispelling The Myth About Home Affordability wrote: [...]Home Sales Up 12.7% From Last Year
What’s Going On With Home Prices?
The True Cost Of NOT Owning Your Home




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Buying Myths (19)
First Time Home Buyers (126)
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Posted on Thursday, October 11th, 2018 at 10:09am.

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