In 2015, a Housing Pulse Survey was taken by the National Association of Realtors which revealed the two major reasons Americans prefer owning their own home over renting:
- There is opportunity to build equity.
- It provides a stable and safe environment.
The Mortgage Reports recently put out a report which stated “buying and owning a home is the essence of ‘The American Dream.’ Each month, your housing payments go toward owning your home instead of renting it; building your personal wealth and assets instead of someone else’s.
History has shown that homeownership is a clear path to wealth-building, with homeowners boasting a net worth [that is] multiples higher than the net worth of renters.”
There are 2 reasons, according to rent.com, why tenants should feel less stable with their housing situation:
- 68% of property managers say that rental rates will continue to rise throughout the year by an average of 8%.
- 53% of property managers are more likely to bring in a new tenant at a higher rate than to negotiate and renew a lease with a current tenant.
These survey results prove that renting is not a probable way to provide a stable environment for you and your family.
Homeowners are able to thrive in a more stable environment, and have the opportunity to build their net worth each month.