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Rent Vs. Own

Holly Leonard October 25, 2024

Why Owning a Home is Better Financially than Renting

Owning a home often leads to better financial outcomes than renting over the long term. When you own, each mortgage payment builds equity—a growing financial asset as your property value appreciates. In contrast, rent payments don’t build wealth; they’re an expense that doesn’t return value to you.

Additionally, home ownership comes with tax benefits, such as mortgage interest deductions, which can lower taxable income. Over time, homes typically increase in value, allowing homeowners to sell at a profit or borrow against their equity if needed. While renting might seem more affordable month-to-month, ownership is a proven path toward long-term financial stability and wealth.