Did you know June was National Homeownership Month? A recent report stated that buying is cheaper than renting in some metros. I know in DFW, one bedroom apartments are climbing to the $1000 price range.
Why should you consider being a homeowner? The financial sense it makes. For me, the wealth building tool of homeownership beats renting all day.
Here are 5 reasons why it 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.
So before you sign that lease again, contact New Avenue Realty to better understand your options.