{"id":2010,"date":"2017-11-27T11:00:57","date_gmt":"2017-11-27T11:00:57","guid":{"rendered":"https:\/\/thezakariagroup.com\/the-cost-of-not-owning-your-home\/"},"modified":"2017-11-27T11:00:57","modified_gmt":"2017-11-27T11:00:57","slug":"the-cost-of-not-owning-your-home","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/the-cost-of-not-owning-your-home\/","title":{"rendered":"The Cost of NOT Owning Your Home"},"content":{"rendered":"<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"648\" height=\"354\" src=\"http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/11\/14125649\/20171127-Share-STM.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"The Cost of NOT Owning Your Home | Simplifying The Market\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" srcset=\"http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/11\/14125649\/20171127-Share-STM.jpg 750w, http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/11\/14125649\/20171127-Share-STM-549x300.jpg 549w\" sizes=\"(max-width: 648px) 100vw, 648px\"><\/p>\n<p>Owning a home has great financial benefits, yet many continue to rent! Today, let\u2019s 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.<span id=\"more-36539\"><\/span><\/p>\n<p><em>Zillow\u00a0<\/em>recently\u00a0<a href=\"https:\/\/www.zillow.com\/research\/breakeven-horizon-real-estate-16595\/\">reported<\/a> that:<\/p>\n<blockquote>\n<p><em>\u201cIn 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. <strong>Looking strictly at housing market numbers, there is a concrete point at which buying a home makes more financial sense than renting it.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n<h4><strong>What proof exists that owning is financially better than renting?<\/strong><\/h4>\n<p>1. We recently highlighted the top 5 <a href=\"https:\/\/www.simplifyingthemarket.com\/2017\/11\/08\/5-reasons-homeownership-makes-cents\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">financial benefits<\/a> of homeownership:<\/p>\n<ul>\n<li>Homeownership is a form of <em>forced savings.<\/em><\/li>\n<li>Homeownership provides tax savings.<\/li>\n<li>Homeownership allows you to <em>lock in your monthly housing cost.<\/em><\/li>\n<li>Buying a home is <em>cheaper than renting.<\/em><\/li>\n<li>No other investment lets you <em>live inside of it.<\/em><\/li>\n<\/ul>\n<p>2. <a href=\"https:\/\/www.simplifyingthemarket.com\/2017\/10\/12\/net-worth-of-homeowners-44x-greater-than-renters\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">Studies<\/a> have shown that a homeowner\u2019s net worth is 44x greater than that of a renter.<\/p>\n<p>3. Just a\u00a0few months ago, we\u00a0<a href=\"https:\/\/www.simplifyingthemarket.com\/2017\/09\/05\/how-your-homes-value-grows-your-familys-wealth\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">explained<\/a> 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.<\/p>\n<p>4. Some argue that renting eliminates the cost of taxes and\u00a0home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the\u00a0<a href=\"https:\/\/www.simplifyingthemarket.com\/2017\/10\/30\/renting-or-buyingeither-way-youre-paying-someones-mortgage\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">rent payment<\/a>\u2013 <em>along with a profit margin!!<\/em><\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>Owning a home has always been, and will always be, better from a financial standpoint than renting.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Owning a home has great financial benefits, yet many continue to rent! Today, let\u2019s 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\u00a0recently\u00a0reported that: \u201cIn reality, buying or renting a home is an intensely personal decision, [&hellip;]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[110,98,99,101,111],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Cost of NOT Owning Your Home - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/the-cost-of-not-owning-your-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Cost of NOT Owning Your Home - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Owning a home has great financial benefits, yet many continue to rent! 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