There are a number of reasons why owning your home is smarter than paying rent. The current demand for apartments has created a rental shortage, causing the cost of renting a home to go up. According to economists, rental rates are rising above inflation with an expected growth of 3.9% in 2017, and will continue to rise year after year. But when you purchase a home and lock in today’s near record low interest rates, your mortgage payment will stay right where it is from the beginning. So while rents will keep going up, the cost of owning a new home of your own will remain stable. That’s peace of mind you can count on.
Renting Vs. Owning
Owning Vs. Renting
Owning
- Stability in monthly payments
- Opportunity for tax benefits
- Pride of ownership
- Potential for return on investment
- Building equity in your property, not your landlord’s
- Investing in your future
- Freedom to remodel and add your personal touches
Renting
- No stability in monthly payments
- No tax benefits
- No pride of ownership
- No return on your investment
- No equity
- No remodeling or ability to add personal touches
