The Difference Between Buying and Renting in Vero Beach

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Today, I want to address a common question I'm asked. Specifically, they want to know if it's better to buy or rent a home based on current market conditions. Which is better: buying or renting?

Most people don't know this, but the United States Federal Reserve does a study every three years of the wealth of the American people based on homeownership habits. The next study comes out in 2016, which will reveal the gap between renters and homeowners. This next report will be particularly interesting due to the recent price gains in the real estate market. These price gains mean that the gap in wealth between a homeowner and a renter could be wider than it has been in a long time!

The last report found that the average homeowner's net worth is 45 times higher than the average renter's net worth. That's a lot of money! The average homeowner's net worth is $195,400, and a typical renter is worth $5,400. Simply deciding to buy your home means you could dramatically increase your net worth!

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