Costs Of Not Owning Your Home

Dated: 11/27/2017

Views: 75

 

The Cost of NOT Owning Your Home

The Cost of NOT Owning Your Home | MyKCM

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.

Zillow recently reported that:

“In reality, buying or renting a home is an intensely personal decision, with emotional and even financial considerations that go beyond whether to invest in this one (admittedly large) asset. Looking strictly at housing market numbers, there is a concrete point at which buying a home makes more financial sense than renting it.”

What proof exists that owning is financially better than renting?

1. We recently 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. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2017 could build more than $48,000 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.


Blog author image

Jennifer Fritsche

I believe that every family should be able to buy or sell a home with confidence. Selling your home quickly for the most value is my #1 goal when you list with me. I look forward to providing excellen....

Want to Advertise on this Site?

Latest Blog Posts

The Truth About Equity

 The Truth About Homeowner EquityA recent article from a reputable news source was titled: Here's why some homeowners still can't sell. In the opening bullets of the article, the author

Read More

Reasons Your Home Wont Sell

 6 Reasons Your Home Won't SellAre you ready to sell your home and want it to have a great first impression on the market? Or maybe your home has been listed for a few weeks or months, and you

Read More

Dont Replace Your Agent With The Internet

Don't Replace Your Agent With The InternetWith the influx of new technology and web based solutions, it isn't a surprise that everything is moving fast into the era of the internet. From sites like

Read More

The Incredible Joy Of Owning Your Home

The Incredible Joy of Owning Your HomeIf you haven't bought a home yet, you're missing out on a wonderful feeling! That moment when you walk through your doors, throw your purse or keys on the,

Read More