Renting vs Owning
Renting vs Owning
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Owning a Home Has Distinct Financial Benefits Over Renting
Recent soaring rent hikes in greater Cincinnati highlight why it’s important to consider owning your home. The real estate housing crush has prompted landlords to raise rents. People are caught between a rock and a hard place with housing.
The infographic below from Keeping Current Matters explains the benefits:
![Owning a Home Has Distinct Financial Benefits Over Renting [INFOGRAPHIC] | MyKCM](https://i0.wp.com/files.mykcm.com/2021/06/16121610/20210518-MEM-1046x2442.png?resize=1046%2C2442&ssl=1)
Some Highlights
- When you rent, you build your landlord’s wealth, your monthly payment depends on ever-rising rents, and you don’t benefit from home price appreciation.
- On the other hand, when you own your home, you build your own wealth, your monthly payment is locked in, and you benefit directly from home price appreciation.
- If you’re feeling the challenges of a competitive market, remember that homeownership is a long-term game. Persevering today will lead to financial rewards in the future.
For qualified rent-to-own prospects a few companies are offering unique programs. Properties are purchased by 3rd party company and rented to the potential owners for a period of time until they qualify for a mortgage loan. Check with your Realtor® for details.
