Blog for Homeowners

Why Renting in Idaho is Costing You Money

Posted by Caitlin Smart on Oct 1, 2018 9:15:32 AM
Find me on:

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.

WHAT PROOF EXISTS THAT OWNING IS FINANCIALLY BETTER THAN RENTING?

1. Top 5 benefits of Home Ownership:

  • 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. A family that purchased an average-priced home at the beginning of 2018 could build more than $44,000 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. “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.”- Realtor.com

Click here for a free guide to buying your first home so you can become aware of the process for when you're ready! 

 

Topics: Client

Download our free Buyer's guide

Subscribe Here!

Recent Posts