The National Association of Realtors (NAR) recently came out with their Housing Pulse Survey which stated two main reasons why American prefer home owning to renting:
- they want the ability to build equity
- they want a stable environment
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Millionaire David Bach talks about buying homes rather than renting to create equity alongside a recent article by the Mortgage Reports. Both agree that buying and renting differ because when you buy, you’re putting together money every month to then have a home where as with renting, the money you put in every month gets you a place to stay until stop paying, at which time you leave with nothing.
A survey of property managers done by rent.com tells why renters shouldn’t feel they have a stable environment:
- 68% of property managers said that will rise in the next year as much as 8%.
- 53% of property managers said that they were more likely to bring in a new tenant at a higher rate rather than negotiate over a current lease.
Main Take-Away: home ownership isn’t only a good idea, it is a chance to build on your family’s assets and give you a stable environment.