How Much Money Are Renters Wasting

Dated: 01/30/2020

Views: 300

Image title

How Much Money Are Renters Wasting???

There are great advantages to owning a home, yet many people continue to rent. The financial benefits are just some of the reasons why homeownership has been a part of the long-standing 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.”

Why is owning a home better than renting?

Here are the top 5 financial benefits of homeownership:

  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.

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 many social and financial benefits that cannot be achieved by renting. 

Reach out to Team Caropreso to determine if buying a home is your best move.

Blog author image

Vincent Caropreso

Being the CEO and Team Leader of Team Caropreso, Vince specializes in Listings, Marketing, REO/Foreclosures,Short Sales and working with Investors. With 19 years of experience and selling over 700 hom....

Latest Blog Posts

Does Price Matter To Get Your Home Sold

Does Price Matter To Get Your Home Sold???Recap of our Blogs Posts:A majority of the country's Real Estate Markets are experiencing a Seller's Market. The Market is measured by Supply

Read More

How Much Money Are Renters Wasting

How Much Money Are Renters Wasting???There are great advantages to owning a home, yet many people continue to rent. The financial benefits are just some of the reasons why homeownership

Read More

Low Housing Inventory Impact On Buyers And Sellers Explained

Low Housing Inventory Impact On Buyers And Sellers Explained:As mortgage rates remain at historic lows, the real estate market is expected to do very well this year. The most specific obstacle is

Read More

The 2020 Spring Housing Market Has Already Sprung

The Spring Housing Market Sprung!!!Which month do you think most people who are considering buying a home actually start their search? If you’re like most of us, you probably think the surge

Read More