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    The Cost of NOT Owning Your Home

    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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    Danny Cheung

    I spent over twenty five (25) years with the Department of Defense in the hardware/software design and development as well as program management prior to joining the Group in a full time capacity. I am thrilled to put my years of experience as an Electronics Engineer to assist and lead our Real Estate Group to the next level. I am committed to establishing the tools and resources necessary for our team members to work more seamlessly and effectively thus ensuring our clients full satisfaction. My wife and I have two daughters and a dog (he's more like our son). I enjoy travelling and watching sports especially football…Go Skins!

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