Despite the drawbacks that may come with homeownership such as repair costs, insurance premiums, and any unexpected emergencies, buying a home now could actually save you $200,000 over the course of the next 30 years.
According to Realtor.com, rents have risen by 25 percent in recent years and are only expected to increase. While it may seem that it’s more beneficial to continue renting, the website says that buying now is the way to really save money as mortgage rates and home prices continue to rise.
There’s a 30-year financial benefit of owning today that totals $217,726, in addition to other benefits such as owning your own home and not having to pay ever-increasing rent to your landlord. Postponing purchasing a home by just a year could cost you upwards of $18,672 a year or $54,879 over the course of three years.
Some markets, including Santa Cruz-Watsonville, California; Santa Rosa, California; San Jose-Sunnyvale-Santa Clara, California; Urban Honolulu, Hawaii; and Napa, California, could provide a financial benefit of more than $500,000.
