Homeownership Myths BustedEven in today’s modern world, it can be tough to sort out the homebuying facts from the fiction. We’re setting the record straight for some of the most common
First Time Home BuyersFor BuyersRent Vs Buy
Dated: November 3 2017
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:
Mortgage payments can be fixed while rents go up.
Equity in your home can be a financial resource later.
You can build wealth without paying capital gains.
A mortgage can act as a forced savings account.
Overall, homeowners can enjoy greater wealth growth than renters.
Before you sign another lease, perhaps you should sit with a real estate professional in your area to better understand all your options.
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