June is National Homeownership Month!
Homeownership has the power to build communities, provide a sense of security and financial stability, and is a key way to build wealth. Our goal at Dickens Mitchener is to empower individuals to become homeowners.
If you are considering buying a home, it’s important to consider the long-term benefits.
“Homeownership has long been tied to building wealth- and for a good reason. Instead of throwing rent money out the window each month, owning a home allows you to build home equity. And over time, equity can you turn your mortgage debt into a sizable asset.” — Realtor
Every quarter, Fannie Mae and Pulsenomics release the Home Price Expectations Survey (HPES) results. These experts anticipate that home prices will continue to rise over the next 5 years based solely on increased home equity if you bought a $400K home in January of 2024.
From 2024 to 2029, they project a $83,385 appreciation.
“... homeownership is more than just having a place to live – it’s also a key way to build wealth. As you pay off your mortgage loan, your equity in the home grows, and any increase in the homes value also adds to your net worth.” — The Motley Fool
The Federal Reserve publishes the Survey of Consumer Finances (SCF) every three years, comparing the net worth of homeowners and renters. The most recent report reveals that the average homeowner’s net worth is nearly 40 times greater than that of a renter.
If you’re unsure about whether to rent or buy a home, keep in mind that owning a home can increase your overall wealth in the long run, no matter your income.
If you are ready to start your home-owning journey, contact us today!
