{"id":2671,"date":"2018-10-08T10:00:05","date_gmt":"2018-10-08T10:00:05","guid":{"rendered":"https:\/\/thezakariagroup.com\/the-true-cost-of-not-owning-your-home\/"},"modified":"2018-10-08T10:00:05","modified_gmt":"2018-10-08T10:00:05","slug":"the-true-cost-of-not-owning-your-home","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/the-true-cost-of-not-owning-your-home\/","title":{"rendered":"The True Cost of NOT Owning Your Home"},"content":{"rendered":"<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"648\" height=\"354\" src=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/10\/01161401\/20181008-Share-STM.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"The True Cost of NOT Owning Your Home | Simplifying The Market\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" srcset=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/10\/01161401\/20181008-Share-STM.jpg 750w, https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/10\/01161401\/20181008-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 the entirety of America\u2019s existence.<span id=\"more-38215\"><\/span><\/p>\n<p><em>Realtor.com<\/em>\u00a0<a href=\"https:\/\/www.realtor.com\/advice\/buy\/reasons-to-buy-a-home-in-2018\/\">reported<\/a>\u00a0that:<\/p>\n<blockquote>\n<p><strong><em>\u201cBuying remains the more attractive option in the long term \u2013 that remains the American dream,<\/em><\/strong><em>\u00a0and it\u2019s true in many markets where renting has become really the shortsighted option\u2026<strong>as people get more savings in their pockets, buying becomes the better option.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n<h4><strong>What proof exists that owning is financially better than renting?<\/strong><\/h4>\n<p><strong>1.<\/strong> In a previous blog, we highlighted the top 5\u00a0<a href=\"https:\/\/www.simplifyingthemarket.com\/2017\/11\/08\/5-reasons-homeownership-makes-cents\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">financial benefits<\/a>\u00a0of homeownership:<\/p>\n<ul>\n<li>Homeownership is a form of\u00a0<em>forced savings<\/em>.<\/li>\n<li>Homeownership provides tax savings.<\/li>\n<li>Homeownership allows you to\u00a0<em>lock in your monthly housing cost<\/em>.<\/li>\n<li>Buying a home is\u00a0<em>cheaper<\/em> than renting.<\/li>\n<li>No other investment lets you\u00a0<em>live inside of it<\/em>.<\/li>\n<\/ul>\n<p><strong>2. <\/strong><a href=\"https:\/\/www.simplifyingthemarket.com\/2018\/08\/20\/the-net-worth-of-a-homeowner-is-44x-greater-than-a-renter\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">Studies<\/a> have shown that a homeowner\u2019s net worth is 44x greater than that of a renter.<\/p>\n<p><strong>3.<\/strong> Less than a month ago, we\u00a0<a href=\"https:\/\/www.simplifyingthemarket.com\/2018\/09\/26\/the-cost-of-not-paying-pmi\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">explained<\/a>\u00a0that a family that purchased an average-priced home at the beginning of 2018 could build more than $49,000 in family wealth over the next five years.<\/p>\n<p><strong>4.<\/strong> 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\/2018\/08\/27\/rent-or-buy-either-way-youre-paying-a-mortgage-2\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">rent payment<\/a> \u2013\u00a0<em>along with a profit margin!<\/em><\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>Owning your home has many social and financial benefits that cannot be achieved by 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 the entirety of America\u2019s existence. Realtor.com\u00a0reported\u00a0that: \u201cBuying remains the more attractive option in the long term \u2013 that remains the [&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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,101,111],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The True 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-true-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 True 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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