According to 2019 Apartment statistics, the average rent increased by nearly 20% from 2014-2019, with many renters putting more than 30% of their income into their landlord’s pockets.
Some people argue that renting eliminates the cost or property taxes and home repairs. Every potential renter must realize that ALL the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are baked into the rent payment already – along with management costs, and a profit margin! At the end of a lease the owner has realized net gain, the renter has not.
In the real world homeowners have a proven net worth more than 44x greater than a family that rents. According to the famous money wizard Warren Buffett home ownership is “forced savings” and is the number one hedge against inflation.
Here’s an example: Let’s assume you purchased a $300,000 home and put down $60,000 (20%). If the house appreciates by $30,000, that is only a 10% increase in value but a 50% increase in equity.
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