NOT Owning Your Home Can Cost You A Lot Of Money

Dated: 04/02/2018

Views: 97

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

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.

Latest Blog Posts

Is Family Mortgage Debt Out Of Control

                   Is Family Mortgage Debt Out of Control?Some homeowners have recently done a “cash out” refinance and have taken a portion of

Read More

The COST Of Your Next Home Will Be LESS Than Your Parents Home Was

     The COST of Your Next Home Will Be LESS Than Your                                   

Read More

NOT Owning Your Home Can Cost You A Lot Of Money

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

Read More