The True 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 the entirety of America’s existence.

    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.”

    What proof exists that owning is financially better than renting?

    1. In a previous blog, we 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. Less than a month ago, we explained that 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 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 your home has many social and financial benefits that cannot be achieved by 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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