The American Dream of homeownership is alive and well on Staten Island, with home prices continuing to gain traction. The Median Sales Price in October increased 8.3 percent to $532,500, and the Days on Market was down 18.8 percent to 69 days.
Recent reports show that the U.S. homeownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities.
Today we are highlighting the TOP 5 FINANCIAL REASONS you should own your own home.
1) Homeownership is a form of forced savings
Paying your mortgage each month allows you to build equity in your home that you can tap into later in life for renovations, to pay off high-interest credit card debt, or even send a child to college. As a renter, you guarantee that your landlord is the person with that equity.
2) Homeownership provides tax savings
One way to save on taxes is to own your own home. You may be able to deduct your mortgage interest, property taxes, and profits from selling your home, but make sure to always check with your accountant first to find out which tax advantages apply to you in your area.
3) Homeownership allows you to lock in your monthly housing cost
When you purchase your home with a fixed-rate mortgage, you lock in your monthly housing cost for the next 5, 15, or 30 years. Interest rates have remained around 4% all year, marking some of the lowest rates in history. The value of your home will continue to rise with inflation, but your monthly costs will not.
4) Buying a home is cheaper than renting
According to the latest report from Trulia, it is now 37.4 percent less expensive to buy a home of your own than to rent in the United States. That number varies throughout the country but ranges from 6 percent cheaper in San Jose, Calif., to 57 percent cheaper in Detroit, Mich.
5) No other investment lets you live inside of it
You can choose to invest your money in gold or the stock market, but you will still need somewhere to live. In a home that you own, you can wake up every morning knowing that your investment is gaining value while providing you a safe place to live.
— SOURCE: Keeping Current Matters, Inc.
Before you sign another lease, contact a Staten Island REALTOR® to discuss your options.
About the Staten Island Board of REALTORS® (SIBOR)
Established in 1915, the Staten Island Board of REALTORS® (SIBOR) is the largest professional and trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of approximately 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).