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Growing Your Net Worth with Homeownership
August 14, 2024
Imagine your future: envision stability, financial growth, and the achievement of your goals. Does owning a home fit into that vision? If so, it's essential to recognize the multitude of financial benefits tied to homeownership.
Purchasing a home stands as an effective method to accumulate wealth and foster financial stability. Most homes tend to increase in value over time, contributing to the growth of your net worth. Presently, home values are experiencing a notable rise. According to Zillow, 'The total value of the U.S. housing market is now slightly under $52 trillion, marking an increase of $1.1 trillion from the previous peak reached last June.'
In essence, homeownership is a powerful tool for building wealth. With home values steadily climbing nationwide, now might be an opportune moment to consider homeownership as part of your aspirations.
Consider the following insights highlighting the substantial difference homeownership can make in your life.
Household Net Worth is Ascending
Statistics reveal a considerable increase in net worth across various income brackets over the last few years, indicative of financial growth among households.
The Role of Homeownership in Financial Success
Homeownership significantly influences this growth, evident in the substantial net worth gap between homeowners and renters. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), emphasizes, 'Homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment acts as a forced savings account, enabling homeowners to accumulate a net worth approximately 40 times higher than that of a renter.'
The primary reason behind this is the building of equity through homeownership. Home equity, calculated as the value of your home minus your mortgage amount, serves as the most substantial contributor to most homeowners' net worth. First American data reaffirms this, demonstrating housing's significant contribution to net worth compared to other investments such as stocks, gold, and cryptocurrencies.
Homeownership presents a notable avenue to enhance your net worth. Connect with us to explore the opportunities homeownership holds for you.
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