NOT Owning Your Home Can Cost You A Lot Of Money

Dated: 04/04/2018

Views: 121

NOT Owning Your Home Can Cost You a Lot of Money! | 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.

Realtor.com recently 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. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2018 could build more than $44,000 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

Jason McLaughlin

THERE WERE TWO THINGS I WANTED TO DO WHEN I GOT OLDER! Number One: Make sure that I had the ability to take care of people in time of need. Number Two: Be involved in real estate. As for ....

Latest Blog Posts

Balance Of Power Shifting In Metro Denvers Housing Market

Sellers have remained in firm control of metro Denver’s housing market for four years, with inventory shortages, quick sales and escalating home prices par for the course.The imbalance has lasted

Read More

Does It Feel Like Home Prices Are Going Down

Real Estate Market Trends Report | OCT. '18Housing inventory continues increasing despite typical seasonal decrease, home prices fall and sales of single-family homes priced over $500,000 drop in

Read More

How Does The Supply Of Homes For Sale Impact Buyer Demand

The price of any item is determined by the supply of that item, as well as the market’s demand for it. The National Association of REALTORS (NAR) surveys “over 50,000

Read More

Are Home Prices Softening Or Are They Falling

We are beginning to see reports that more housing inventory is coming to the market and that buyer demand may not be increasing at the same pace it did earlier this year. The result will be many

Read More