03/18/2023
Are you still paying Rent and/or scared to Buy because you think you cant afford it or that home values will crash? Here’s something to consider…
You pay 100% interest when you rent! That’s a lot higher than mortgage rates which are currently around 6%!
When you rent, you are missing out on home appreciation and equity gains, making your landlord richer every month!
The rent you pay is literally paying someone else’s mortgage, so why not pay your own mortgage and reap all the benefits of owning a home!
Below is a breakdown of the money you are losing every month you pay rent. The figures below assume “Average Market Rents” in your area are around $2500 depending on the size of the home…
$2500 x 12 Months = $30,000 (Money you are spending to paydown someone else’s loan)
$2500 x 24 Months = $60,000 (Your Landlord is getting richer off your hard-earned dollars)
$2500 x 36 Months = $90,000 (You have spent $90,000 and still own nothing)
$2500 x 48 Months = 120,000 (You are missing out in market appreciation)
$2500 x 60 Months = $150,000 (Your Landlords equity continues to grow while you have nothing to show for all the money you spent)
If you are worried about a market crash and losing money on a home, please review the graph below. As you will see, home values continue to appreciate over time. Even when the market started to go down from 2006 to 2010, home values soared thereafter. The trend for real estate always appreciates over time. One of the best investments anyone can make is owning a home and the longer you wait, the more money you are losing!