Cost of NOT Owning Your Northern VA Home

Owning a home in Northern VA has great financial benefits, yet so many people continue to rent! Here we will review the financial cost of not owning your Northern Va home. This includes all areas including Alexandria, Arlington, Ashburn, Burke, Centreville, Chantilly, Dunn Loring, City of Fairfax, Falls Church, Great Falls, Herndon, McLean, Oakton, Reston, Sterling, Tysons Corner, Vienna, or anywhere in Northern VA.

Zillow recently reported that:

“In reality, buying or renting a home is an intensely personal decision, with emotional and even financial considerations that go beyond whether to invest in this one (admittedly large) asset. ”

Proof that owning is financially better than renting?

1. We recently highlighted the top 5 financial benefits of homeownership:

• Homeownership is a form of forced savings.

• Homeownership provides tax savings.

• Owning allows you to lock in your monthly housing cost.

• Buying a home is cheaper than renting.

• No other investment lets you live inside of it.

2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.

3. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2017 could build more than $48,000 in family wealth over the next five years.

4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment– along with a profit margin!!

Bottom Line

Owning a home has always been, and will always be, better from a financial standpoint than renting. I Specializing in happy home sellers and home buyers, selling starter homes, trade up homes, premium homes, and luxury real estate in Northern VA. Selling homes since 2003 to first time home buyers, relocating clients, first time home sellers, luxury clientele, downsizing, and trade up clientele.

Article originally posted on my KCM blog, here.