I thought I would put something to paper that we can all use as a reference point. It wasn’t hard to do. Keeping Current Matters just happened to post a piece about what it could cost NOT to own your own home. I’m passing that on.
Then I found 4 or 5 articles from various sources that deal either directly with the advantages of being a home owner or list the pros and cons of being a home buyer. I’m sending those along to give you other perspectives.
Hope you enjoy!
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.
Realtor.com recently 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.”
What proof exists that owning is financially better than renting?
1. In a previous blog we 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 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!!
What Homes Can You Buy In Tooele UT
Owning a home has always been, and will always be, better from a financial standpoint than renting, so lets look at what is for sale in Tooele County.
There you have it. Information about buying or renting property in Tooele UT. I hope you enjoyed what I have shared and you have been moved to take the next step. IE: start looking at Tooele new homes to buy.
If so, then you should start looking at agents to partner up with. I’d like to apply for that job. You are acquainted by now with my blog, and after having read some of my tips about Tooele County Real Estate, you know that I know stuff. And, I’m eager to share that knowledge with my customers. Plus, you can read my bio on about Berna Sloan.
Need more? Just call me Berna Sloan 435-840-5029; ask me if I know why you should own your own home in Tooele Utah.