Here's why you are probably wrong.
In a recent article, a new survey shows that 81% of the renters would rather own their home if they could. The obvious question is why don't they then? While home ownership may not be for everyone, many don't even try to buy due to a lack of knowledge and incorrect perception of what it takes to buy a home. Here are a few of the issues that renters need to consider on whether to buy a home or not.
- Renting is almost twice as expensive as owning a home. According to a survey by Zillow done in 2014, the average homeowner spends just over 15% of their monthly income toward their mortgage while renters spend almost 30% of their monthly income towards rent.
- Most renters thought they would be unable to come up with the down payment for a loan. They were completely unaware of First time home-buyer programs, down-payment assistance programs, FHA programs, and special city/county/state programs available among others.
- Renters also miss out on significant tax deductions by not owning.
The complete article is available at 10 Reasons why you are wrong about why you can't buy a house For more information you can talk directly to a lender at Guild Mortgage for more information.