If you have been setting aside money, constantly waiting for the "right time" to invest in a house, you might want to take a look at the 'To Rent or Buy?' infographic.
The information presented in this handy graph points out the geographic regions that have the most people planning and waiting to buy a home. It also shows that homeowners are both literally and figuratively more invested in their home and, as a result, the neighborhood. They are more likely to keep a garden, belong to a Parent/Teacher association, vote for government members and invest in home renovations.
The old myth that you will always save money by renting has also proven false. Though it takes a significant amount of time for owning savings to surpass the immediate savings of renting, if you intend on putting down some roots down, it will pay off in the longterm.
Why This Trend Is Growing
- Homeownership Preferences
- Disruptive innovation opportunity: Develop innovative and affordable homeownership solutions to cater to the increasing demand in regions with high interest in buying homes.
- Community Engagement
- Disruptive innovation opportunity: Create platforms and services that foster community engagement and encourage homeowners to invest in their neighborhoods, such as home renovation platforms or neighborhood association networking tools.
- Financial Benefits of Homeownership
- Disruptive innovation opportunity: Offer financial tools and services that help individuals understand the long-term financial benefits of homeownership and make informed decisions regarding renting versus buying.
Industries Being Reshaped
- Real Estate
- Disruptive innovation opportunity: Explore new ways to make homeownership more affordable and accessible through innovative financing models or alternative ownership structures.
- Community Development
- Disruptive innovation opportunity: Develop software and platforms that facilitate community building and engagement, empowering homeowners to actively contribute to their neighborhoods.
- Financial Services
- Disruptive innovation opportunity: Create personalized financial planning tools and services that educate individuals about the long-term financial advantages of homeownership and support them in making sound financial decisions.
