KCM Crew, June 14th, 2016
|We have reported many times that the American Dream of homeownership is alive and well. The personal reasons to own a home differ for each buyer, but there are many basic similarities. Eric Belsky is the Managing Director of the Joint Center of Housing Studies (JCHS) at Harvard University. He authored a paper on homeownership titled – The Dream Lives On: The Future of Homeownership in America. In his paper, Belsky reveals five financial reasons why people should consider buying a home. Here are the five reasons, each followed by an excerpt from the study:
1) Housing is typically the one leveraged investment available.
2) You’re paying for housing whether you own or rent.
3) Owning is usually a form of “forced savings.”
4) There are substantial tax benefits to owning.
5) Owning is a hedge against inflation.
We realize that homeownership makes sense for many Americans for an assortment of social and family reasons. It also makes sense financially. If you are considering a purchase this year, contact a local professional who can help evaluate your ability to do so.