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  • Writer's pictureShannon Leo

Home Ownership vs. Renting

According to new data from TransUnion, anywhere from 8.3 million to 9.2 million first-time homebuyers will enter the housing market between 2020 and 2022. That's a significant increase over the past several years.

Many folks I chat with are debating whether they should enter the world of home ownership. If you're financially ready, here are reasons to do so...

Benefits of Home Ownership

* It's your space and your rules! (remodel, expand, etc.)

* You can build equity by paying down the balance of your loan and/or the value of your home increasing over time

* It can provide an improved social status and sense of accomplishment

* You can earn sizable tax deductions

* It's potentially better for children and your family structure

* A mortgage can improve your credit history and score

* Mortgages are the some of the cheapest loans available

* You could have the ability to borrow against your home (home equity loan/credit line)

* You can grow your net worth


Disadvantages of Renting

* Rental payments are often more expensive than a mortgage

* There is no ownership or wealth creation

* The payments never stop when renting!

* There are no tax benefits * Always more rules, regulations, and limitations

* It's less stable than owning a home

* You must deal with a landlord or management company (always at the mercy of the property owner)

If you want to explore buying a home (even if you just have a few questions), feel free to reach out to me!


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