by David Brenton’s Team
There are many advantages to owning a home, yet many people continue to rent. The financial benefits are just some of the reasons why homeownership has long been a part of the American dream. So why is owning a home financially better than renting?
1. Homeownership is a form of forced savings.
2. Homeownership provides tax savings.
3. Homeownership allows you to lock in your monthly housing cost.
4. Buying a home is less expensive than renting.
5. No other investment lets you live inside of it.
Studies have also shown that a homeowner’s net worth is 44x greater than that of a renter. A family that purchased a median-priced home at the start of 2019 would build more than $37,750 in family wealth over the next five years with projected price appreciation alone.
Owning a home has many social and financial benefits that cannot be achieved by renting. Let’s connect to determine if buying a home is your best move.
See other articles like this on our Team Blog and in our Team Newspaper.