Blog > Top Four Unusual Reasons to Buy vs Rent Your Home
Making a big decision - own or rent !
Owning a home has great financial benefits, but many of us are still renting. Of course, there could be many reasons why one
But I want to explain why owning a home is important to many of us and always has been part of the American Dream.
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.”
Why is owning a home financially better than renting?
1. There are 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. I recently read that a person that purchased an average-priced home at the beginning of 2017 could build over $40,000 in 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!!
As a bottom line statement, I feel that owning a home has always been, and will always be better from a financial standpoint than renting. Of course, it is still up to every one of us what we prefer to do or can do.
Need assistance in buying - I am here for
Need assistance in leasing - of course, I am here for you too!
Visit my website at www.DefinitelyCharleston.com to look for homes and vacant land for sale or homes for
Real Estate/Leasing/Property Management
cell: 843.345.2625 uappleby@gmail.com
