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The Benefits of Buying vs. Renting (At a Young Age)
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]The Benefits of Buying vs. Renting (At a Young Age)
The decision to buy a home or rent one is a big one as a young person — and, depending on who you ask, you’ll get hugely varying opinions. The thing is, both decisions are big ones. Choosing to rent a property can be a great choice for others, and deciding to become a homeowner can be an excellent pick for the rest. No matter who you are, you’ll probably want to know: what’s the difference between buying vs. renting at a young age?
In the United States in particular, the rental market is huge — especially among young people. In fact, Statista shows that a whopping 49% of renters are aged 30 or under. An additional study by ApartmentList shows that up to 1 in 5 millennials think that they’ll rent forever — and that 69% of those renters don’t think they’d ever be able to afford to purchase a home.
While we’re definitely of the mindset that you should do what’s best for you, we’re also big fans of buying homes at a young age — if it makes sense for you. Here’s what you need to know about the benefits of buying vs. renting as a young millennial:
- Buying a home can be a great long-term investment.
When you buy a home, you can often return an investment big-time. Your asset — or your home — will often gain value the longer you live in it, giving you a chance to recoup your payments and then add additional money to your own bottom line. While buying a home always carries a fair amount of risk, it can still be a really beneficial investment over the years… especially as you continue to gain equity.
- Homeownership can help with stability.
When renting a home or an apartment, you’re never able to ensure your stay forever. No matter how great of a spot you have or how wonderful a landlord you deal with, renting a home is always temporary. When buying a home yourself, you’re able to ensure stability long-term — and, if you choose to rent out your owned home, you’re able to ensure financial stability as well.
- There are big tax benefits to homeownership.
Tax season definitely favors homeowners, as you can deduct property taxes and even home equity debt. While you will take on a financial burden when you first buy a home, tax benefits are a great perk of home ownership. Tax breaks can be helpful no matter who you are, and the credits, benefits, and deductions available to you as a homeowner aren’t available otherwise.
Most importantly? The right lender can make or break your homeownership experience.Buying a home is one of the biggest decisions you’ll make, and choosing the right lender is a massive part of that. At VRM Lending, we put you first every single time in each step of the mortgage process — and we always will. If you’re ready to start the home buying journey, we’re here to guide you. Contact us today. [/vc_column_text][/vc_column][/vc_row]
