Owning a home has great financial benefits.
In a recent research paper, Homeownership and the American Dream, Laurie S. Goodman and Christopher Mayer of the Urban Land Institute explained:
“Homeownership appears to help borrowers accumulate housing and nonhousing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built-in ‘default’ savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity.”
Let’s breakdown 5 major financial benefits of homeownership:
1. Housing is typically the one leveraged investment available
2. You’re paying for housing whether you own or rent
3. Owning is usually a form of “forced savings”
4. Owning is a hedge against inflation
5. There are still substantial tax benefits to owning
AWARD-WINNING Rocklyn Homes has two featured communities this week that will help you to get the most bang for your buck!