According to a new study from Barclays, owning your home rather than renting it will save you £194,000 over a fifty year period.
And this figure doesn't even account for the value of the home the buyer will own at the end of it.
While the total cost of mortgage repayments, maintenance, and other costs associated with owning the average home would come to £429,000 over fifty years (a person's adult lifetime since a typical buyer purchases in his early thirties)
Renting a similar home over the same period would cost £623,000.
However, many would-be buyers are finding their path to the property market blocked as they are unable to raise the necessary deposit.
Initially, being a tenant is often cheaper than being an owner, as mortgage repayments tend to be higher than rental costs, but rents inflate over time.
Home buyers have one-off financial hurdles of deposit, stamp duty and solicitor's fees, and permanent aspects such as maintenance and insurance for their home.
However, most importantly, at the end of 25 years, the buyer will also own their home outright as the mortgage will have been entirely repaid - increasing the advantage of owning over renting to £595,000.
"The cost of stepping on or moving up the housing ladder can be a big barrier for many, but the long term benefits hugely exceed the initial expense," said Andy Gray, head of mortgages at Barclays.
"Not only will you save money by becoming an owner occupier, but you will also own a substantial asset once your mortgage is paid off, providing financial security for your old age.
"Those who choose to rent permanently will have to pay their landlord out of their pension income, while owner-occupiers will enjoy minimal housing costs."
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