Ever wondered if it’s better to own a home or rent one in 2024? Well, we, Joe and Charity Slawter from Live Well Home Group have amazing and useful insights to share! Let’s dive into the world of houses and figure out which is the better choice for you in 2024.
Breaking Down the Money: $2,800 Mortgage vs. $2,400 Rent
So, let’s talk about money. Imagine you have a mortgage payment of $2,800 for owning a house and $2,400 for renting. At first, it seems like you’re saving $400 by renting. But wait! Hold on a sec! We need to look closely at that $2,800 mortgage.
Where Does the Money Go?
The explanation is that part of that money ($1,850) goes into interest payments (like rent, but for the bank), around $300 is for taxes, and $350 goes to paying off the house (that’s the principal).
The Great Benefits: Saving on Taxes and Paying Off the House
Now, here’s where it gets interesting. Let’s talk about something called “tax benefits.” It’s like getting a discount on your taxes because you have a mortgage. If you make $100,000 a year, it could save you about $5,000 in taxes. Suddenly, that $400 you saved by renting doesn’t seem as awesome anymore because owning a home comes with extra savings!
Playing the Long Game: Owning a House Makes You Wealthy
Let us tell you a secret: owning a house isn’t just about having a cozy place. It’s like playing a game where you save money every month and get tax benefits. And guess what? People who play this game end up with more money in the long run.
Looking into the Future: Stable Mortgage vs. Rent Going Up
Now, let’s peek into the future. We think that while your mortgage stays pretty much the same, rent might go up after a few years. So, having a house is like having a stable place that doesn’t change much, while renting is like having a place that might need more money for you to stay around.
Our Advice: Make Smart Choices
We really want you to make smart choices. Our suggestion is don’t get a house you can’t afford! We stress the importance of not buying beyond your means and encourage a long-term understanding of how wealth is created through real estate. It’s not just about property – it’s about securing your financial future.
Time to Act: A Bright Future Awaits!
If you’re curious and want to know more about this exciting game of owning versus renting, just book a free call with us. We, Joe and Charity from the Live Well Home Group team are ready to chat and help you make the best choice for your future.
Feeling ready to make a move? Book a FREE call with Joe & Charity or give us a call at 360-268-8420.
Meet Joe & Charity Slawter: Your Real Estate Friends
We, Joe and Charity Slawter aren’t your typical realtors – we’re a dynamic husband and wife team leading 30 realtors under the Live Well Home Group banner. Our deep familiarity with the Washington State housing market, coupled with our experience in building and designing homes, makes us your ideal allies in the journey to homeownership.
In a nutshell, the question of owning or renting in 2024 takes center stage. Our insights guide you beyond the immediate costs, emphasizing the long-term benefits of informed homeownership. It’s not just a roof over your head; it’s a strategic move towards securing your financial future and building lasting wealth.
