What Does Owning a Home Mean to You?
The National Association of Realtors revealed the 2 major reasons Americans want to own a home instead of renting are:
- People want the opportunity to build equity.
- People want a stable and safe environment.
A recent article by The Mortgage Reports stated, “buying and owning a home is the essence of ‘The American Dream.'” Every month, a portion of your housing payment goes toward paying down the principal balance on your home, thus building home equity. You are building your personal wealth, instead of a landlord’s wealth if you are renting.
History has shown that home ownership is a path to wealth-building.
Does owning your home really create a more stable environment for your family?
A survey of property managers conducted by rent.com disclosed two reasons renters should feel less secure with their housing situation:
- 68% of property managers predict rents will continue to rise in the next year by an average of 8%.
- 53% of property managers said they are more likely to bring in a new tenant at a higher rate than to negotiate and renew a lease with a current tenant they already know.
The uncertainty of renting is obvious.
Real Estate Bottom Line
Home ownership offers many beneficial advantages over renting. Let’s discuss your personal situation.