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Renting VS Owning: Which Is More Beneficial for You?

Are you trying to decide if it makes more sense to rent or buy a home today?

If so, here’s what you need to know. 

Renting and owning are fundamentally different in many ways, and owning a home has the power to change your life. 

The net worth of a homeowner is significantly greater than a renter. On average, a homeowner’s net worth is about $300,000. On the other hand, a renter’s net worth is about $8,000. 

Let that sink in for a moment. 

That means a homeowner’s net worth is roughly 40 times greater than a renter’s. Now, why is that? One reason is when you rent, your monthly payment goes towards your housing costs but doesn’t have any long-term benefits. 

But when you own, your monthly payments and any home price appreciation help you build equity and the equity gives you net worth—a big boost over time. 

Mortgage rates feel high today, but it may still make sense to buy a home when you consider the long-term benefits of investing back in yourself. 

Let’s connect and go over the real impact of homeownership. 

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Our agents write often to give you the latest insights on owning a home or property in the local area.