One of the best ways to build your family’s financial future is through homeownership. Typically, the net worth of a homeowner is over 35 times greater than that of a renter. Instead of sending all your hard-earned money to someone else, with such affordable mortgage rates right now, maybe it’s time to make your hard-earned money work for you.
Year over year, the data doesn’t lie: the average net worth of homeowners continuously grows, while the net worth of renters typically holds steady, and at a significantly lower rate than that of homeowners. The gap between owning and renting just keeps getting wider, making homeownership more and more desirable for those who are ready.
Owning a Home Builds Wealth
For many families, homeownership serves as a form of ‘forced savings.’ Every time you pay your mortgage, you’re contributing to your net worth by increasing the equity you have in your home. On the other hand, every time you pay rent, you say goodbye to your money as you send it off to live with someone else.
Owning real estate is continuously picked as the best long-term investment—even over stocks, bonds, savings accounts, gold, and cryptocurrency.
Today, there are great opportunities available for those planning to buy a home. The housing market has made a full recovery, and all-time low interest rates are giving homebuyers a big boost in purchasing power. If you’re ready, buying a home this season can set you up to increase your net worth and create a safeguard for your family’s future.
What You Need to Know
To learn how you can use your monthly housing cost to build your family’s net worth, reach out to a trusted real estate professional in your area to guide you through the homebuying process.