There are many financial benefits of owning a home, and a new study shows that buying a home now could help potential buyers save money well into the future. The inaugural Realtor.com Opportunity Cost Report analyzed financial reasons to buy a home, including the long-term financial impact of owning versus renting, the amount of money renters will lose while waiting to buy and the overall financial benefits of homeownership.
The report found that while housing markets vary, the average buyer nationally would gain almost $218,000 over the next 30 years if they were to purchase a home now. In addition, the financial benefit of buying a home now is at least $100,000 over 30 years in 88 percent of metro areas. These savings can be attributed, in part, to current market conditions that feature historically low interest rates and rising rents.
Of course, there are other reasons to buy a home, aside from the financial gains. There are so many positive life benefits that accompany the purchase of a home. Owning a home gives a sense of self-worth and accomplishment, offers stability and security, provides a nurturing environment for children to grow, and affords its owners with a feeling of belonging within the community. Yet, perhaps the greatest reward of owning a home is that it offers a place where you can enjoy life’s special moments with family and friends.
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