Episode 140: The Costs of Buying and Owning a Home (Why You May Want to Keep Renting)

For many people, the largest amount of money spent in a single purchase is buying real estate. The average home price in the United States is around $420,000 in 2024. In high cost of living areas, the average single-family house can be over $1 million dollars. There are people who think that rent is throwing away money, and if a mortgage is less than rent, you should buy. 

What those people don’t realize is the true cost of homeownership. This includes the cost of purchasing a home, maintaining the home, and selling the home. It is possible to purchase a home with very little upfront cash, this is especially true when using a physician loan. Once you own the home, you are responsible for all the maintenance. This not only includes utilities and landscaping but also fixing and replacing household appliances or structural components. When selling a property, you may need to make repairs or pay for staging. You’ll also pay for closing costs and realtor costs.

Tune in to learn more about the true costs of home ownership. 

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Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant.  The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.