Dispelling The Rent Vs Own Myth

Many of these reports make assumptions that are unrealistic for the average household. For example, one report suggests that renting is financially smarter because renters have the opportunity to invest money elsewhere. But the reality is that most renters aren't investing that money. As Ken Johnson, co-author of the BH&J National Price-to-Rent Index, points out:

“One of the difficulties with the rent and reinvest model is many people . . . simply rent and spend the difference. . . . That’s wealth destroying.”

The truth is that homeownership is one of the best ways to build wealth. The net worth of the average homeowner is significantly higher than that of the average renter, as shown in the graph below. Understanding this, the importance of building wealth through homeownership should be abundantly clear. Consider this before renewing your rental agreement! 

In Maine, the real estate market has been experiencing a surge in demand, particularly in popular coastal areas like Portland, Cape Elizabeth, and Kennebunkport. Despite rising home prices, the state remains an attractive option for both first-time and seasoned homebuyers.

With its beautiful natural scenery, strong economy, and excellent quality of life, Maine continutes to be a great place to invest in real estate.

It's Never Too Late To Start

If you're still unsure whether to continue renting or to buy a home in Maine, let's connect. As a real estate expert, I can help you understand the market and make the best decision for your financial future. Don't miss out on the opportunity to build wealth through homeownership.