The debate over renting a house vs. owning one has gone on for years, and everyone has a strong opinion as to why they think one is better than the other. Everyone’s circumstances are different, so for some people, it truly may be a better time in their life when renting makes more sense.
However, there’s no denying that owning a home has some serious advantages. Here are 40 reasons why it’s better to own a home than renting an apartment or house.
40. Buying a House is an Investment
First and foremost, buying a house is an investment in your future. When you buy a house, you are not just spending money on a place to live. You are investing your money into a property that belongs to you, so long as you don’t default and go into foreclosure. The value of the home may increase someday, due to inflation, a rise in the market, or if your local area becomes gentrified. Many people have been able to make a profit selling their home years after they bought them.
Real estate is considered to be one of the “safest” places to put your money compared to the stock market or opening a business. Even when the market is down, at least you’ll have a roof over your head. Since most people live in a house for at least 30 years, the value will rise and fall over time, but it generally goes up. For example, in the early 1900s, Sears sold kits for building a brand new house called Sears Catalog Home. The cost of the kits were just $360-$2,890. Today, you can’t even get a Tiny House for that much money. Those houses are now valued at well over $100,000 each due to inflation.