Many families continue to rent today even though owning a home has great financial benefits. Here are the top 5 financial benefits of homeownership. Read more and you’ll discover why owning a home of your own has been a part of the American Dream for as long as America has existed.
Zillow recently reported that:
“In reality, buying or renting a home is an intensely personal decision, with emotional and even financial considerations that go beyond whether to invest in this one (admittedly large) asset. Looking strictly at housing market numbers, there is a concrete point at which buying a home makes more financial sense than renting it.”
Want to know what proof exists that owning is financially better than renting?
Here are 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.
Homeowners have 44x greater net worth than that of a renter.
A family that purchased an average-priced home at the beginning of 2017 could build more than $48,000 in family wealth over the next five years.
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!!
It’s true that owning a home has always been, and will always be, better from a financial standpoint than renting.