Renting vs Owning
According to census.gov in the fourth quarter of 2020, 58.6% people are homeowners and 30.4% are renters.
What does it mean to rent? Renting is when you the tenant pay a regular monthly payment to the landlord for the use of their property. Which means as a tenant you are paying someone else’s mortgage. Paying down their principal, interest, home insurances and sometimes even the homeowners association.
Now what does it mean to own? To have something as one’s own! Meaning its yours and only yours. You are paying into something that doesn’t belong to anyone else.
When you’re renting you can possibly deal with the landlord wanting to raise the rent due to property taxes, cost of living, or even just because. One the other hand when you own your own home – even if your property taxes and insurances go up, it’s still your own investment.
Bottom line is we should all plan on owning some type of property in our lifetime. No matter where you go you need a roof over your head and what better way for it to be your own roof rather than someone else’s. Okay I know what you’re thinking. I can’t afford it, I’m afraid of the commitment, etc. So, my question is, but you’re not afraid of committing to a 12-month lease? There are programs out there that help you with your down payment and closing fee’s.
As far as the commitment part, just think of it as a long-term investment for you and your family. A place you guys can call home for 15-30 years.