The Cost Of NOT Owning Your Home

Dated: 11/28/2017

Views: 113


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.

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 their increased equity from their house. Others have sold their homes

Read More

Rising Prices Help You Build Your Familys Wealth

Rising Prices Help You Build Your Family’s WealthOver the next five years, home prices are expected to appreciate, on average, by 3.6% per year and to grow by 18.2% cumulatively, according to

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 Parents’ Home WasThere is no doubt that the price of a home in most regions of the country is greater now than at any time in

Read More

House Prices Simply A Matter Of Supply And Demand

House Prices: Simply a Matter of Supply & DemandWhy are home prices still rising? It is a simple answer. There are more purchasers in the market right now than there are available homes for them to

Read More