The dream of every American of owning a home is alive and is heading in the right direction.
The US homeownership rate has rebounded from recent lows according to the latest report by the U.S. Census Bureau.
The reasons each buyer may differ, but there are many similarities.
Let’s look at the top three (3) financial reasons you should own your home today.
Your monthly mortgage allows you to build equity in your home.
The equity gives you resource that you can tap later for renovations, to send your child to college, or to pay off high-interest credit card debt.
Your landlord gets the equity if you are renting, that’s guaranteed.
Cheaper than Renting
It is now 37.4% less expensive to buy your own home than to rent in the US according to the latest report from Trulia.
This rate varies throughout the country. It ranges from 6% cheaper in San Jose, CA to 57% cheaper in Detroit, MI.
is, it is still cheaper to own a home than to rent.
Owning a home is one of the ways to save on taxes.
You may deduct your property tax, mortgage interest, and profits from selling your home.
But remember to check with your accountant first. Find out which tax advantages apply to you in your area.
Homeownership allows you to save more money. Before signing another lease, let’s talk and explore all your options.
At Burgess Group Realty LLC, we help our clients buy their dream homes. We can help you buy sooner rather than later so that you can have much savings. Let’s meet up so we can help you buy your dream home and long-term investment.