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Many people dream of owning their own home, but is it actually cost effective to do so?
Renting is appealing because it comes with some built-in conveniences.
You dont have to worry about the costs of upkeep and repairs that homeowners deal with.
You also have the freedom to move on short notice if your circumstances change.
But renting has its downsides, too.
You may also have to deal with rent increases each year.
Plus, youre not building any long-term financial security by renting.
On the other hand, buying a home is often seen as a good investment.
Your monthly mortgage payments go toward building equity, meaning youre slowly owning more of your home.
Homeownership can also come with tax breaks, like deductions on mortgage interest.
This is especially true in Arlington, where the cost of owning is almost 150% higher than renting.
Also these five steps canmake your first real estate investment successful.
First GOBankingRates found the top 100 cities by population as sourced from theU.S.
Census American Community Survey.
The average rental cost was sourced from Zillow Observed Rental Index for each city.
All data was collected on and is up to date as of July 15, 2024.
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