Mi Casa, Su Casa
Apartments.com states that the average apartments rent increases by 3.18% each year. This means on a $1,000 monthly payment ($12,000/year) the new rent payment amount for the exact same apartment, would be $1,031.80 per month ($12,381.60/year). While rents increase annually by 3.18% each year, you will receive nothing new for your money on the same apartment year over year. That is why owning a home is truly an American dream. Home ownership is one of the fastest ways to build wealth, each monthly payment on your home helps build equity and the monthly payments do not increase on average 3.18% each year. Over the long haul, you will save more money by owning & appreciating your own home than by renting from a landlord.
“A house is made of brick and mortar, but home is made by the people who live there” – M. K. Soni