Trulia came out with a report on home ownership and its quality of investment with a shocking statement that “buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.”
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While this statement can almost stand alone, Trulia also outlined five other reasons that owning was a more quality investment than renting:
1) Mortgage payments can stay the same and in your control while rent is based on the discretion of a landlord
2) Equity in your home can be used as a financial asset later
3) You can build wealth while living in your home
4) A mortgage is like a forced savings account leading you to a home
5) The wealth growth, overall, is more than you would get if you were renting
Home-buying isn’t for everyone, but why don’t you talk to a local real estate agent and decide if home-buying is or isn’t for you?