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The Cost of NOT Owning Your Home

The Cost of NOT Owning Your Home | Keeping Current Matters

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.

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    Client Reviews

    5/5

    It has really been a pleasure for us to work with Rama Mehra who helped us buy our first home. We were first time home buyers and Rama guided us patiently throughout the buying process. She understood our requirements and budget constraints and gave us a realistic picture of the market situation and showed us the inventory that met our constraints. She is an area expert in Tri-Valley region and she keeps touch with her clients even after the escrow process, keeping them updated on the market performance. We strongly recommend Rama and will be glad to do work with her for our future real estate needs.

    01/15/2015 Read More
    Raghu & Supraiya (via Zillow)
    See more reviews on Zillow


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