Are there advantages to owning a home?
We say absolutely YES! Yet many people continue to rent. Financial benefits are a big reason why homeownership is a part of the sought after 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.”
Owning a home is financially better than renting and here’s why!
Top 5 financial benefits of homeownership include:
- Homeownership is a form of forced savings.
- Homeownership provides some tax savings.
- Homeownership allows you to lock in your monthly housing expense.
- Buying a home is less expensive than renting in many cases.
- You get to LIVE inside this investment!
How does home equity add up?
If a family purchased a median-priced home at the start of 2019 assuming all payments are made, that family would gain additional equity with each mortgage payment made and with price appreciation on the home’s value. This will amount to thousands of dollars over time.
Some say renting eliminates the cost of taxes and home repairs, but those expenses are built into the rent that a landlord charges, often times along with a profit margin. Owning a home has many social and financial benefits that cannot be achieved by renting. Not everyone is ready or able to buy a home, but when you are then the odds are in your favor that it will be a sound investment in the long run!
Steve Prescott has been the Endorsed Local Provider for Dave Ramsey for 10 years. Put his care and concern on leading first time home buyers to the decisions that help them maintain control over their money to work for you.
Connect with a RE/MAX Capitol Properties real estate agent today to determine if buying a home is your best move. Call 307-635-0303 or visit us online to explore your options.