HOUSING UPDATE

One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac:

“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

With spring approaching, now’s a great time to consider if buying a home makes sense for you. The best way to figure that out is to talk with a trusted real estate professional.

TheLargestPartofMostHomeowners’NetWorthIsTheir Equity

You may be surprised to learn just how much of a homeowner’s net worth actually comes from owning their home. The National Association of Realtors (NAR) shares:

“Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage ”

In other words, home equity does more to build the average household’s wealth than anything else. And according to data from First American, this holds true across different income levels (see graph below):

Source:FirstAmerican

Homeowners are wealthier than renters at every income level, and the majority of homeowner wealth comes from housing for every income category except for the very top earners For example, for the lowest income group, the median net worth of homeowner households is $102,500, but for renter households it’s only $1,500 At the lowest income category, 92 percent of total homeowner net worth is tied to the value of residential property.

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