There are some people that have not purchased a home because they are
uncomfortable taking on the obligation of a mortgage. Everyone should
realize that, unless you are living with your parents rent free, you are
paying a mortgage - either your mortgage or your landlord’s.
As a paper from the Joint Center for Housing Studies at Harvard University explains:
“Households must consume housing whether they own or
rent. Not even accounting for more favorable tax treatment of owning,
homeowners pay debt service to pay down their own principal while
households that rent pay down the principal of a landlord plus a rate of
return. That’s yet another reason owning often does—as Americans
intuit—end up making more financial sense than renting.”
Also, if you purchase with a 30-year fixed rate mortgage, your
‘housing expense’ is locked in over the thirty years for the most part.
If you rent, the one guarantee you will have is that your rent will
increase over that same thirty year time period.
Author:Ann Marie Cancro Phone: 717-468-1301 Dated: November 11th 2014 Views: 810 About Ann Marie: LICENSED: Licensed Real Estate Professional since October 1990.
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