Nov 27 2017 5018 1

Dated: 11/27/2017

Views: 38

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

Jeri Patrick

In today’s complex and difficult real estate market you need a professionals who will do whatever it takes to market and sell your home. Jeri Patrick has a team with an established history of succes....

Want to Advertise on this Site?

Latest Blog Posts

Jan 23 2018 5018 1

Why You Need a Professional on Your Team When Buying a HomeMany people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first

Read More

Jan 22 2018 38554 2

 How Rising Prices Will Help You Build Family Wealth in 2018Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34%,

Read More

Jan 22 2018 38554 1

 Time on the Market Drops to New Low in 2017According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent

Read More

Jan 22 2018 5018 1

Buying A Home Is More Affordable Than Renting In 54% Of US CountiesAccording to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable

Read More