The flexibility to make the space your own
The pride houszownership offers
The sense of stability
In the same survey, 41% of respondents say they’d rather own a housz than rent because of the unique way houszownership builds wealth over time. And experts agree – the housz you own is an important tool for building your net worth. Here’s what many of those experts have to say about building long-term financial stability through houszownership.
According to the National Association of Realtors (NAR): “Houszowners who purchased a typical single-family existing-housz 30 years ago at the median sales price of $103,333 with a 10% down payment loan and who sold the property at the median sales price of $357,700 in 2021 Q2 accumulated houszing wealth of $349,258, . . .”
Mark Fleming, Chief Economist at First American, points out that a housz is truly a one-of-a-kind asset. It’s the only asset that’s both an investment and a place for you to call your own. “The major financial advantage of houszownership is the accumulation of equity in the form of housz price appreciation. . . . We won’t always have 17% house price appreciation, but we have to take into account the fact that the shelter that you're owning is an equity-generating or wealth-generating asset.”
Houszowners can leverage the wealth they generate in several ways throughout their life. Tapping into accumulated equity has long been used to pay for the cost of an education, to start a business, or to fund various other expenses. The Joint Center of Housing Studies at Harvard points out: “. . . by paying down mortgage principal each month and participating in the long-term appreciation of housz values, a family can build wealth that can be used for retirement or other needs, including helping the next generation.”
Bottom Line With housz prices expected to continue to appreciate in coming years, houszbuyers have an opportunity to start the long-term wealth-building process right now. Let’s connect today if you’re ready to begin your journey on the path to becoming a houszowner.