In the past 6 years, more than 5 million Americans have filed for bankruptcy. And while many people believe that filing for bankruptcy causes long-term financial ruin—and will keep them from ever
NOT Owning Your Home Can Cost You A Lot Of Money
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.
Realtor.com recently 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 short sighted 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. We have highlighted the top 5 financial benefits of home-ownership:
Home-ownership is a form of forced savings.
Home-ownership provides tax savings.
Home-ownership 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. If a family purchased an average-priced home at the beginning of 2018, that family could build more than $44,000 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!!
Owning a home has always been, and will always be, better from a financial standpoint than renting.
Source: Keeping Current Matters
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