top of page
  • Writer's pictureGlenna Pendleton

Advantages to Buying a Home vs Renting in 2024


home with pool and beautiful backyard
Is this your dream home?

Buying a home is daunting but is one of the most personally rewarding things you can do for you and your family. There are so many advantages to buying your own home vs renting in 2024. Virtually everyone wants to own their own home but what are the real reasons to buy now?

  1. Tax advantages - If you itemize deductions you can deduct the mortgage interest and property taxes you pay as an expense against your income reducing your overall income tax burden.

  2. Your property, your choice - Its your place so no one is telling you what colors to paint your walls or what pets you can have in your home. Make it your own!

  3. Investing in your future - Over the last 10 years median home prices in the United States escalated by 63% and over the ten years prior the median home prices escalated by 38%. When are you going to start building your equity? For details use this link https://fred.stlouisfed.org/series/MSPUS

  4. It can be cheaper to buy than rent - Even with interest rates at their current level, it takes just a few years for your investment to pay off with monthly homeowner expenses lower than renting. Check it out at https://www.realtor.com/mortgage/tools/rent-or-buy-calculator/.

  5. You decide when you move - As long as you are renting you are at risk of the owner asking you to move with often short notice. Owning your own home means asl long as you make your payments you can stay as long as you like!

4 views0 comments

Comments


bottom of page