NOT owning a home does have its benefits | HDM 395
Did you know that, despite the challenges of the current housing market, most Americans still consider homeownership an essential part of the American Dream? And yet sometimes a quick run of your numbers can reveal that owning property may not be as financially advantageous as you initially thought. In this episode, we’ll talk about the real cost of owning a home.
According to a survey conducted by the online platform Lending Tree in July 2023, 94% of respondents still see homeownership as an essential part of the American Dream. However, as the days and months pass by, the realities of the current housing market, with its ever-changing ups and downs, have created a sense of hopelessness in so many people, particularly the younger crowd: no matter what they do, it’s unlikely they will ever be able to afford a house.
But, what if this sense of hopelessness was simply a by-product of believing that owning a house is better than renting because it’s cheaper? What if this belief were simply not true? While no one can deny that owning the house you live in can be a rewarding, and even fulfilling experience, the numbers don’t lie: there are so many scenarios where owning property can cost you more (way, way more, in fact) than renting out.
In this episode, I’ll share with you my story (and insights) on things you have to consider before buying a home and the importance of running your numbers before committing to homeownership.
What you’ll learn about in today’s episode:
- Some of the things to consider when buying a home
- The numbers you need to compare for calculating the true cost of owning vs renting a home
- Why my family is choosing not to buy a home and what we are doing instead.
You can also watch on YouTube!
Resources from this episode
News:
CBS News: Unaffordable homes in 99% of the nation.
CBS News: What it will take to make homes affordable again?
Rami Sethi: Why I Don’t Own a House as a Multimillionaire
Calculators:
Nerdwallet’s Rent VS Buy Calculator
Calculator.Net’s Rent VS Buy Calculator
Smart Asset’s Rent VS Buy Calculator
Related Her Dinero Matters episodes you may enjoy:
#373 – Is Airbnb profitable? Lessons from a Superhost
#319 – What To Do if You’re Feeling the Strain of Inflation?
#260 – How to Make Building Wealth A Possibility Now
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The post, NOT owning a home does have its benefits | HDM 395 appeared first on the Her Dinero Matters Podcast
