One of the Best Reasons to Buy a House
One of the many benefits of buying a home is that it is a good way to build wealth and make sure you will always have money. According to Freddie Mac:
“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”
It's a good idea to think about whether buying a home makes sense for you right now as spring approaches. Talking to a reliable real estate expert is the best way to figure this out.
The Largest Part of Most Homeowners’ Net Worth Is Their Equity
You may be surprised to learn just how much of a homeowner’s net worth actually comes from owning their home. The National Association of Realtors (NAR) shares:
“Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families. Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”
In other words, home equity does more to build the average household’s wealth than anything else. And according to data from First American, this holds true across different income levels (see graph below):
One of the best things about owning a home is that it gives you financial security and a way to accumulate wealth, regardless of how much money you make. Let's talk right away so you can begin making investments in homeownership.
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