THE REAL DIFFERENCE BETWEEN RENTING AND BUYING A HOME
Are you trying to decide if it makes more sense to rent or buy a home today? If so, here’s what you need to know. Renting and owning are fundamentally different in so many ways. And owning a home has the power to change your life. Take a look at this.
The net worth of a homeowner is significantly greater than a renter. On average, a homeowner’s net worth is about three-hundred-thousand dollars. On the other hand, a renter’s net worth is about eight thousand dollars. Let that sink in for a moment. That means a homeowner’s net worth is roughly forty times greater than a renter’s.
Now, why is that? One reason is, when you rent, your monthly payment goes toward your housing costs, but doesn’t have any long-term benefits. But, when you own, your monthly payments and any home price appreciation help you build equity. And that equity gives your net worth a big boost over time.
I know mortgage rates feel high today, but it may still make sense to buy a home when you consider the long-term benefits of investing back in yourself.
Let’s connect to go over the real impact of homeownership.
SOURCE: NAR
January 6, 2023
Here to serve you!
Simply call, email or use the form below to get in touch
Get in touch
Our goal is to bring exceptional service to all of your real estate needs.