The True Cost Of Not Owning Your Home

Dated: November 26 2019

Views: 79

The True Cost of Not Owning Your Home | MyKCM

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.

#relocation #boise #boiseidaho #boisehomes #firsttimehomebuyers #homeownership #buildingwealth#blakeonboise#alisonblakegroup#RealEstateDoneRight#Listingspecialist#Firsttimehomebuyerspecialist#Relocationspecialist#NewConstructionspecialist#Investmentspecialist#Alwaysworkingformyclients

Latest Blog Posts

Two Ways Homebuyers Can Win In Todays Market

Two Ways Homebuyers Can Win in Today’s MarketIf your goal is to purchase a home this year, you might be looking for any advantage you can get in today’s sellers’ market. While competition is

Read More

Whats Going To Happen With Home Prices This Year

What’s Going To Happen with Home Prices This Year?After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the

Read More

When Is The Right Time To Sell INFOGRAPHIC

When Is the Right Time To Sell [INFOGRAPHIC]Some Highlights If you’re trying to decide when to list your house, the time is now. There are plenty of buyers eagerly waiting for

Read More

Key Things To Avoid After Applying For A Mortgage

Key Things To Avoid After Applying for a MortgageOnce you’ve found your dream home and applied for a mortgage, there are some key things to keep in mind before you close. It’s exciting to start

Read More