WINDERMERE NEWS
DEC/JAN 2014 -2015
Guardsman Pass, Utah -Photo By Casey Halliday
Rent or Own...Either Way You’re Still Going to be Paying a Mortgage Note: It’s important that we give credit to a valuable resource who has provided us with our information. KeepingCurrentMatters.com (*KCM)
There are some people that have not purchased a home because they are
uncomfortable taking on the obligation of a mortgage. 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. 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, if you purchase with a 30-year fixed rate mortgage, your ‘housing expense’ is locked in over the thirty years for the most part. If you rent, the one guarantee you will have is that your rent will increase over that same Article continued on following page thirty year time period.
UPDATE SALT LAKE COUNTY REAL ESTATE NOVEMBER STATISTICS (11.1.14–11.30.14) 2,566 New Listings Median Listing Price $225,000 Median Sold Price $217,000 Median Days On Market: 50 *Provided by the Wasatch Front Multiple Listing Service