Owning a home of your own has been a part of the American Dream since our country was founded. Today, being a Greenwood homeowner has many great financial benefits as well. Because of this, experts are concerned with the falling homeownership rate, the outcomes of which could be devastating. As ApartmentList.com explained:“Our research indicates that not owning a home has a sizable financial cost, as renters miss out on low mortgage rates and are hit by higher rents.This phenomenon may exacerbate inequality in our society, as those wealthy enough to invest in real estate benefit from lower interest rates, whereas minorities and younger Americans, hit by rising rents and student debt, risk being locked out of homeownership.”
There is much proof that owning is financially better than renting. For example, a study by the Joint Center of Housing Studies at Harvard University mentions five major financial benefits of becoming a homeowner. These include the facts that housing is typically the one leveraged investment available, that you're paying for housing whether you own or rent, that owning is usually a form of “forced savings,” that there are substantial tax benefits to owning, and that owning is a hedge against inflation. Studies have also shown that homeowners have a net worth 45x greater than that of a renters.
Owning a home has always been and will continue to be better than renting from a financial standpoint. If you are ready to discover your dream home in Greenwood, we are more than willing to help you decide your next steps. For more information on the current Greenwood Real Estate Market, please visit our website or contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com.
