5 Reasons Homeownership Makes ‘Cents’

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The American Dream of homeownership is alive and well. Recent reports show that the US 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 want to talk about 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% less expensive to buy a home of your own than to rent in the US. That number varies throughout the country but ranges from 6% cheaper in San Jose, CA to 57% cheaper in Detroit, MI.
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.

Bottom Line

Before you sign another lease, perhaps you should sit with a real estate professional in your area to better understand all your options.

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Oregon ranked 5th most energy-efficient state

October 11, 2017

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Oregon was ranked the fifth most energy-efficient state—up two spots from last year’s seventh place ranking and noted as one of the 10 most-improved states—according to the 2016 State Energy Efficiency Scorecard by the American Council for an Energy-Efficient Economy. Massachusetts preserved its top ranking for the seventh consecutive year, followed by California and Rhode Island.

The 2017 state scorecard benchmarked states according to policies and programs designed to improve energy efficiency in homes, businesses, industry and transportation. States were scored on six policy areas: utility and public benefits programs and policies, transportation policies, building energy codes and compliance, combined heat and power policies, state government-led initiatives around energy efficiency, and appliance and equipment standards. The work of Energy Trust of Oregon, Northwest Energy Efficiency Alliance, Portland General Electric, Pacific Power, NW Natural, Cascade Natural Gas, Avista, the Oregon Department of Energy and Bonneville Power Administration contributed to Oregon’s rank, as well as state policies and Oregon Public Utility Commission regulations.

In ACEEE’s 2016 City Energy Efficiency Scorecard Report, Portland was ranked the fourth most energy-efficient city in the nation, in a tie with Los Angeles. Portland scored high in all five ranking criteria: local government operations, community-wide initiatives, building policies, energy and water utilities, and transportation policies.

These report findings demonstrate that states and cities investing in energy efficiency programs and policies are saving energy and money, encouraging technological innovation and improving the resiliency of communities.

Visit ACEEE’s website to see an executive summary or the full report of the state and city rankings.

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Rental listing service reports Baby Boomers leaving homeownership in droves

Rental listing service reports Baby Boomers leaving homeownership in droves: Over the past few years, the largest spike in renters hasn’t come from Millennials, but rather, Baby Boomers. While it is unclear why Baby Boomers are suddenly turning to renting, some factors could include a change in lifestyle, consequences of the housing crash or an inability to downsize due to lack of affordable homes.