October 8th, 2018 11:01 AM by Tenby Dahman
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 the entirety of America’s existence.
“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.”
1. In a previous blog, we highlighted the top 5financial benefitsof homeownership:
2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.
3. Less than a month ago, weexplainedthat 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 andhome repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into therent payment –along with a profit margin!
Owning your home has many social and financial benefits that cannot be achieved by renting.