First Time Home BuyersFor BuyersRent Vs Buy

Dated: November 3 2017

Views: 33


Homeownership Is A Good Financial Investment!

Homeownership Is a Good Financial Investment!


According to a recent report by Trulia“buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?

Ralph McLaughlin, Trulia’s Chief Economist explains:

“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”

The article listed five reasons why owning a home makes financial sense:

  1. Mortgage payments can be fixed while rents go up.

  2. Equity in your home can be a financial resource later.

  3. You can build wealth without paying capital gains.

  4. A mortgage can act as a forced savings account.

  5. Overall, homeowners can enjoy greater wealth growth than renters.

Bottom Line

Before you sign another lease, perhaps you should sit with a real estate professional in your area to better understand all your options.

Blog author image

Bevia Patrick

Since its inception in 1995, Patrick Team Properties has exemplified a profound commitment to its clients by providing the highest standard of service, integrity and work ethic in the field. Patri....

Latest Blog Posts

Why The 2021 Forecast Doesnt Call For A Foreclosure Crisis

Why the 2021 Forecast Doesn’t Call for a Foreclosure CrisisAs the current forbearance mortgage relief options come to an end, many are wondering if we’ll face a foreclosure crisis next

Read More

Gutter Cleaning Tips And Tricks

Gutter Cleaning Tips And Tricks Oct 29, 2020Bevia PatrickThere are some chores around the house that make you feel like you’ve really done something, giving you a sense of massive

Read More

How Down Payment Assistance Opens The Door To Homeownership

How Down Payment Assistance Opens the Door to Homeownership Many people are eager to buy a home right now while affordability continues to be a highlight of the current housing.

Read More

Why Pricing Your House Right Is Essential

Why Pricing Your House Right Is Essential In today’s real estate market, setting the right price for your house is one of the most valuable things you can do.According to the U.S.

Read More