Friday, April 7, 2017

Does it cost more to own than to rent, Yes... BUT

Owning a home is often considered the American dream and it's an expensive one. Homeowners in all states and Washington, D.C., can pay anywhere from 33% to 93% more for housing each month than do renters living in the same state.

The upside? Many homeowners reap benefits that renters cannot, such as financial security and stability, tax deductions and a sort of forced retirement savings. Every time you make a mortgage payment, you get closer to fully owning the home. The equity you build can be collateral for loans like cash-out refinances, home equity loans and lines of credit that can be used to improve the home, boost its value or be used to consolidate debts and in financial emergencies.
While renting can't offer those long-term financial benefits, it is cheaper to rent on a month-to-month basis obviously. If you're considering buying, before entering the market, contact Rockland Financial  to estimate the costs and compare mortgage rates so that we can find you the best deal.

Let us help you determine where you stand and provide you with a financial analysis that will assist you in determining your best course of action.

Key takeaway
  • Owning is more expensive everywhere. Across all 50 states and Washington, D.C., it costs more each month to own a home than to rent. However the benefits are there and if it is in your financial resources to be a homeowner, there is no time like the present.   

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