Not Owning A Home Could Cost You More

Dated: 12/02/2019

Views: 187

The True Cost of Not Owning Your Home

The True Cost of Not Owning Your Home | MyKCM

There 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.”

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 alone.

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. Let’s connect to determine if buying a home is your best move.

Blog author image

Josh Twitchell

I have a background in construction and a BA in Marketing. I have done just about every part of building a house. As a buyer, I can help you recognize what to look for in your dream home and things ....

Want to Advertise on this Site?

Latest Blog Posts

Easy Fast PreApproval

Want to be Pre-Approved👀? Need more info🤷‍♀️? We want to help you have the first steps to purchase a HOME! we help you not only be ready📃but be CREDIT READY...

Read More

Getting Ready To Sell Be Sure To Do These 10 Things

Summer is the New Spring for Real Estate  Some Highlights The health crisis slowed the market this spring, so buyers are jumping back into the market to make their moves this summer.

Read More

We Have Your Answers To Get Out Of Debt Fast And Buy A Home

6 things to get out DEBT and buy a HOME!!!1. Study your spending Habits2. Eliminate your biggest debt first3. Lower your interest rates4. Estabish an emergency fund5. stop adding to your debt6. cut

Read More

What Information Do You Need To Make A Offer On A Home

Ever wonder what you need to have to make a offer on a home? We have the info you need!! Any questions please reach out and we are here to help you!We offer Free credit repair😲😲We offer

Read More