NOT OWNING YOUR HOME CAN COST YOU A LOT OF MONEY

Dated: April 2 2018

Views: 74


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 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. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2018 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!!

Bottom Line

Owning a home has always been, and will always be, better from a financial standpoint than renting.

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

More Americans Choose Real Estate As The Best Investment Than Ever Before

For Buyers,Housing Market UpdatesMore Americans Choose Real Estate as the Best Investment Than Ever BeforeAmericans’ opinion on the value of real estate as an investment is climbing. That’s

Read More

Why You Need An Expert To Determine The Right Price For Your House

Why You Need an Expert To Determine the Right Price for Your HouseIf your lifestyle has changed recently and you’re ready to make a move, taking advantage of today’s sellers’ market 

Read More

Maryland Farmers Market Guide 2022

                      Maryland Farmers Market Guide 2022Many farmers markets across Maryland are open for the season. Here are some on PTP's

Read More

Why Summer Is A Great Time To Buy A Vacation Home

Why Summer Is a Great Time To Buy a Vacation HomeYou may be someone who looks forward to summer each year because it gives you an opportunity to rest, unwind, and enjoy more quality time with your

Read More