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What's The Real Cost Of Not Owning A Home?

Monday, October 8, 2018   /   by June Quilantang

What's The Real Cost Of Not Owning A Home?

There are countless reasons why we should have a home of our own. financial benefits, social benefits, emotional benefit, and the list goes on. Today, let's discuss the top 4 reasons backed up by studies.

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."

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. Less than a month ago, we explained that a family that purchased an average-priced home at the beginning of 2018 could build more than $49,000 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!

Owning your home has many social and financial benefits that cannot be achieved by renting.

Reference: https://bit.ly/2zYx3he  

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The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Rummy Dhanoa - eXp Realty - New York Real Estate Experts are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2020 One Key, Inc. All rights reserved.