• Home
    • Blogs
    • Do You Know the Cost of NOT Owning Your Home?

    Do You Know the Cost of NOT Owning Your Home?

    Do You Know the Cost of NOT Owning Your Home? | MyKCM

    Owning a home has great financial benefits, yet many continue renting! 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.

    Zillow recently reported that:

    “With Rents continuing to climb and interest rates staying low, many renters find themselves gazing over the homeownership fence and wondering if the grass really is greener. Leaving aside, for the moment, the difficulties of saving for a down payment, let’s focus on the monthly expenses of owning a home: it turns out that renters currently paying the median rent in many markets could afford to buy a higher-quality property than the typical (read: median-valued) home without increasing their monthly expenses.”

    What proof exists that owning is financially better than renting?

    1. The latest Rent Vs. Buy Report from Trulia pointed out the top 5 financial benefits of homeownership:

    • Mortgage payments can be fixed while rents go up.
    • Equity in your home can be a financial resource later.
    • You can build wealth without paying capital gain.
    • A mortgage can act as a forced savings account
    • Overall, homeowners can enjoy greater wealth growth than renters.

    2. Studies have shown that a homeowner’s net worth is 45x greater than that of a renter.

    3. Just a few months ago, we explained that a family buying an average priced home at the beginning of 2017 could build more than $42,000 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 paymentalong with a profit margin!!

    Bottom Line

    Owning a home has always been, and will always be, better from a financial standpoint than renting.

    Trackback from your site.

    Carin Nguyen

    Carin Nguyen takes the business of real estate very seriously and she has the track record to prove it. She holds the recent prestigious title and ranking of the #1 realtor in AZ for sides as awarded by the Wall Street Journal. Carin is an Arizona native and fully understands the complexities and changing landscape of the Arizona market. She has been in the real estate industry for over 10 year’s full time and comes by her expertise honestly, having honed it during years in the finance and mortgage industries. Education and knowledge is key in getting her buyers and sellers what they what. A rich resume built with a tireless commitment to her clients, undeniable proven past success and an uncompromised vision for the future create the recipe for complete customer satisfaction. Carin understands the potential emotional stress and sometimes life altering experiences felt by clients during the real estate transaction process. Carin is unyielding in insisting on complete professionalism from herself and her team while understanding that real estate is a personal business. She thrives on managing the details and individuality of each transaction and client. Her clients know that having Carin on their side means they have an advocate who cares about them and their needs. Carin is convinced that building relationships will ensure continued satisfaction and be reflected in future success. There is no denying what provides Carin with her constant strength. Her family is “at the heart of my motivation to push myself to achieve my goals and to be forthright in all that I do. My husband, Son, is my biggest source of support, my coach and my best friend. I am truly blessed with a loving husband and four great children who collectively strengthen my resolve to be the best at all my endeavors. I can be a wife and mother and still be a successful Realtor because I tackle everything with all that I have. My motto is ‘Working Hard To Get Homes Sold’ for a reason. I am thrilled that so many families have made me their real estate consultant.” A commitment to professionalism, an empathetic and understanding approach to her clients and an unstoppable and dependable force from her family all ensures success for Carin and most importantly, her clients

    Leave a Reply

    About our blog

    Our agents write often to give you the latest insights on owning a home or property in the Metro Phoenix area.

    RealSatisfied Plugin

    Cannot read feed. Please verify the vanity key is correct.

    A feed could not be found at http://rss.realsatisfied.com/rss/office/Carin-Nguyen. A feed with an invalid mime type may fall victim to this error, or SimplePie was unable to auto-discover it.. Use force_feed() if you are certain this URL is a real feed.