Every day, we work hard to make sure that the "You" in our motto means everyone. We do not discriminate against any customer, and strive to provide a first-class mortgage experience for all.
Racism has no place in our society, and Benchmark is committed to providing equal access to everyone who desires the American dream of home ownership.
Even in light of rising home prices, Trulia‘s October 2016 “Rent vs. Buy Report” successfully argues that owning your home with a conventional 30-year fixed rate mortgage costs less than renting in major US metros, even in high priced areas like Honolulu, HI (which sees 17.4% cost reduction over renting). The highest difference was 53.2% in Miami, FL and West Palm Beach, FL.
Nationally, the average was an impressive 37.7% cost reduction.
Even while home prices are appreciating nation-wide, interest rates have remained so low that the pricing increase has not approached matching rental inflation. In fact,
Prices would have to appreciate 23% in Honolulu, HI, to over 45% in Ventura County, CA before renting, at current rates, becomes less expensive than buying. On the other side, rates would have to approach 9.1%, which would be a 145% increase over the current average of 3.7%, for renting to be financially more attractive than buying. (We have not seen rates like those since January 1995, according to Freddie Mac)
Consider also the Family Wealth aspect of home ownership, coupled with ownership being closely tied to the American Dream, and the reduced out-of-pocket cost of owning over renting, and it might make one wonder if the benefits of renting are really worth it.
The numbers are clear. It makes good financial sense to be a homeowner. Let’s not forget the slice of the American Dream that comes with it! If you are interested in taking advantage of the benefits of home ownership, but aren’t sure where to start, call or contact me today! contact your Benchmark mortgage consultant today. Find Your Branch here: Get Started Now!
Most of us have a pretty good idea about what the American Dream is. In case you don’t, we looked it up:
[quote]“The American Dream is a national ethos of the United States, a set of ideals in which freedom includes the opportunity for prosperity and success, and an upward social mobility for the family and children, achieved through hard work in a society with few barriers.” – source: Wikipedia.com[/quote]
If we carry this definition further, we find that many Americans see homeownership as an important part of that dream. Let’s look at some recent statistics.
Existing home sales in May of this year were 9.2% higher than the same time last year. Home sales in the Midwest and Northeast saw gains of at least 10%.
If the growth of home sales alone isn’t enough to convince you that owning a home is “living the American Dream,” there’s more. Studies have shown that purchasing a home is making an investment that will appreciate over time. What does that mean? Let’s look at an example. If you already own your home, you are enjoying an average of 7.9% gain in the value of your home just in the last year!
In addition to the financial benefit, owning your home is a slice of freedom. No paying rent to a landlord. No sharing an apartment complex floor with 30 other people. It’s yours.
As the housing market continues to show signs of strength, now could be the best time to invest in your piece of the American Dream. Whether you are looking for a home that is worth $100K or $1M, at Benchmark, we are here to welcome you into the rising trend of homeownership. You will receive more than just another set of keys…you will be given the keys to your HOME.
Fact Sources: NAR’s Existing Home Sales Report 6/22/15
