The True Cost of Not Owning Your Home

    There are great advantages to owning a home, yet many people continue to rent. The financial benefits are just some of the reasons why homeownership has been a part of the long-standing American dream.

    Realtor.com 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.”

    Why is owning a home financially better than renting?

    Here are the top 5 financial benefits of homeownership:

    1. Homeownership is a form of forced savings.
    2. Homeownership provides tax savings.
    3. Homeownership allows you to lock in your monthly housing cost.
    4. Buying a home is less expensive than renting.
    5. No other investment lets you live inside of it.

    Studies have also shown that a homeowner’s net worth is 44x greater than that of a renter.

    A family that purchased a median-priced home at the start of 2019 would build more than
    $37,750 in family wealth over the next five years with projected price appreciation alone.

    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 many social and financial benefits that cannot be achieved by renting. Let’s connect to determine if buying a home is your best move.

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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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