Homeownership Is A Good Financial Investment

Dated: 06/13/2017

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According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective? 

Ralph McLaughlin, Trulia’s Chief Economist explains: “Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”The article listed five reasons why owning a home makes financial sense:

  • Mortgage payments can be fixed while rents go up.

  • Equity in your home can be a financial resource later.

  • You can build wealth without paying capital gains.

  • A mortgage can act as a forced savings account.

  • Overall, homeowners can enjoy greater wealth growth than renters.

Bottom LineBefore you sign another lease, perhaps you should sit with a real estate professional in your area to better understand all your options. Start your CT Home Search now: http://bit.ly/2o9Z79q

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Kris Morin

I was born and raised in West Hartford, spent most of my summers on the Connecticut shoreline and Block Island. I had found my love for real estate in 1990 assisting my mother, before launching my car....

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