Renting? You are still paying a mortgage- why not reap the benefits?
Either Way, You’re Still Paying a Mortgage November 4 2014 There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage- or perhaps you can't because of a short sale or a foreclosure. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortgage or your landlord’s. There are programs out there to help get you back on your feet and start reaping the benefits that you deserve! As a paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.” Also, i...