The Cost of NOT Owning Your Home

    Blog ×Did you know?! You can now EMAIL any KCM Blog Post! Click the blue email icon below to get started! Use the buttons below to share with your Personalized Posts profile...                  The Cost of NOT Owning Your Home The Cost of NOT Owning Your Home | MyKCM 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.  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.”  What proof exists that owning is financially better than renting? 1. We recently 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 2017 could build more than $48,000 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.

    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.

    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.”

    What proof exists that owning is financially better than renting?

    1. We recently 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 2017 could build more than $48,000 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.

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    Jordan Forney

    Jordan is a recent graduate of Lenoir-Rhyne University where he received his BA in Multimedia Communications while also playing football all four years that he was enrolled. Jordan has experience in writing and photography from his time working for the school newspaper, Lenoir-Rhyne News (LRN). He also has marketing experience with WLRZ 99.3 where Jordan produced and aired PSAs and was in charge of marketing with the social media accounts. He was a part of the marketing team for the Lenoir Oiler's baseball team as well where he had a lot of the same responsibilities. Now Jordan works at Rinehart Realty where he is increasing his experience by posting blogs, maintaining social media accounts, and working directly under the Director of Marketing.

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