The Cost of NOT Owning Your Home
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.
Zillow recently reported that:
“In reality, buying or renting a home is an intensely personal decision, with emotional and even financial considerations that go beyond whether to invest in this one (admittedly large) asset. Looking strictly at housing market numbers, there is a concrete point at which buying a home makes more financial sense than renting it.”
What proof exists that owning is financially better than renting?
- We recently 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.
- Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.
- Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2017 could build more than $48,000 in family wealth over the next five years.
- 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!! #LOFT #DTLA
Bottom Line
Owning your residence has always been, and will always be, better from a financial standpoint than renting. Now you understand the value of owning have a look at this downtown Loft located at: 630 W 6th Street Los Angeles, CA 90017
Location! Location! Location! This desirable demanding condominium is in the heart of Down Town Los Angeles. Right next to the Library. Conveniently living around shopping, restaurants, offices, public library and transposition. This sleek turnkey unit includes stainless steel appliances and one parking space. Amenities include GYM, Media Room, Sundeck and 24/7 concierge. It is offered to sale as it is condition. The entire complex was renovated in the late 1990’s
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.