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Most people pride themselves on owning their home. After all, it’s a major component of the American Dream. But as mortgage rates and home prices continue to surge, it seems that owning your primary residence might not be the best use of your funds.
On today’s show, I’m sharing the major reasons why you might want to rent, instead of owning your primary residence. I’ll talk about appreciation, strategies for wealth building, and more! Don’t miss episode 339 of Investing in Real Estate!
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Recently I read a news story on CNBC.com by Diana Olick that suggested that putting your money into a primary residence isn’t the wisest financial move. The article referenced an index from Florida Atlantic University, showing that due to current economic factors, renting might be the better option for wealth building.
Although I personally own my home, this news comes as no surprise to me. Most millionaire real estate investors that I have met do not own their homes; instead they rent.
Let’s say your primary residence costs $300,000, and you put down a 20% down payment of $60,000. Is that really the best use of that $60,000? Alternatively, you could purchase a rental property that brings in passive cash flow every single month.
In the scenario in which you own your home, the future of your wealth building is tied up primarily in the chances of appreciation. That’s a terrible strategy! Instead, you could use that money to purchase a rental property that will add to your net worth, mitigate your tax burden, and create wealth.
On today’s show, I’ll dive further into the topic of renting vs. owning a home. I’ll share details from the Florida Atlantic University study, and touch on my controversial YouTube video on homeowners. Please join me on episode 198!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- According to the Florida Atlantic University index, how many US cities are in the buy territory?
- How much could you make in passive income every month from a $50,000 rental property?
- Why do most millionaire real estate investors rent?
- What is the relationship between home values and mortgage rates?
- And much more!
Don’t Put Your Money in a House on CNBC.com
Why Owning the Home You Live in Is a Terrible Investment
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