Becoming financially secure is a goal most of us want to achieve. But what many may not realize is how vitally important owning a home is in that equation. As inflation rises, the link between wealth and homeownership becomes more and more apparent. Read on for two big reasons why buying a home is the way to go when it comes to building net worth.
Equity Gains
As soon as you buy a home, your equity begins to grow as you make timely mortgage payments and your home appreciates in value. Simply put, your payments are forced monthly contributions to a savings account — and when you sell, all equity you’ve amassed comes back to you.
Advantage Over Renters
The National Association of REALTORS® found in a recent study that…
“…the net worth of a homeowner was about $300,000, while that of a renter’s was $8,000 in 2021.”
This data clearly shows the advantage homeowners have over renters, and that owning a home is key to growing your overall wealth.
To learn more about how buying a home this year may be in your best financial interests, contact your trusted local Surterre agent today at SurterreProperties.com.
