According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective? Also, did you know Dewey Blanton REALTORS® are able to guide you down the road to homeownership? Ralph McLaughlin, Trulia’s Chief Economist explains:
“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”
The article listed five reasons why owning a home makes financial sense:
- 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 gains.
- A mortgage can act as a forced savings account.
- Overall, homeowners can enjoy greater wealth growth than renters.
Bottom Line
Before you sign another lease, perhaps you should sit with a Dewey Blanton REALTOR® to better understand all your options. Austin real estate, buying a home, home buying, Texas real estate, new Braunfels real estate, Dallas real estate, realtor
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