Benefits of Owning A Home vs Renting

The current interest rates are at its all-time low.

Less interest paid – why not take advantage?

Based on a survey of consumer finances from the Federal Reserve, homeowners' median net worth is $231,400. The rate has increased by 15% since 2013. However, renters' median net worth has decreased by 5% - $5,200 today compared to $5,500 in 2013.

Benefits of owning a home vs renting

Freedom: You have the flexibility to upgrade and renovate to appeal to your lifestyle and needs.

Equity: Every payment toward a mortgage builds equity to your home vs paying rent where it’s essentially cash out the window.

Appreciation: Based on the National Association of Realtors®, single-family existing-home prices have increased 5.2% annually from 1972 through 2014, and within the last 10-years, values are up 7% on a cumulative basis.

Savings: By building equity in your home, it is essentially a ready-made savings plan.

Predictability: You’re locked into a fixed-rate mortgage payment. These don’t increase over time, however, with rent, it can.

Tax Benefits: The U.S. Tax Code allows you to deduct mortgage interest paid, your property taxes, and some costs in buying a home.