Home ownership has always been highly valued as an important part of the American Dream. In fact, the founding father’s thought it was imperative to protect our right to own property in the Constitution. However, as capitalism has evolved and the real estate market has changed, many people have opted to rent property as opposed to buying property of their very own. While renting makes sense in some circumstances, there is no question that ultimately, owning a home is a much better investment than renting.
It is no secret that the cost of rent is steadily rising, and people can no longer afford to live alone. The number of Americans who live alone has grown steadily since the 1920s, increasing from roughly 5 percent then to nearly 27 percent now, according to the latest Current Population Survey from the Census Bureau. As the cost of rent continues to soar higher than ever, yearly incomes remain stagnant. While homeownership will provide you with valuable assets, renting property at high prices is essentially equivalent to throwing a large portion of your income out the window.
In addition to the many financial benefits of homeownership, including tax deductions and building equity, there are additional added perks. When you buy a home and consistently make your monthly loan payments on time, you will build strong credit that will be helpful in the future. Furthermore, homeownership offers you the freedom to create the living environment that you have always envisioned – you can own pets, paint rooms, make changes to floors and carpeting, and do all of the other creative things you want to do to customize your home.
If you determine that purchasing a home has more advantages than disadvantages for you, you can begin to explore how much home you can afford. No matter where you are in the home purchasing process, Colorado Real Estate is here to help! Visit us at http://denverrealestateforsale.co/ for more information.