Are you trying to decide if it makes more sense to rent or buy a home today? If so, here’s what you need to know. Renting and owning are fundamentally different in so many ways, and owning a home has the power to change your life. Take a look at this. The net worth of a homeowner is significantly greater than that of a renter.
On average, a homeowner’s net worth is about $300,000. On the other hand, a renters net worth is about $8,000. Let that sink in for a moment. This means a homeowner’s net worth is roughly roughly 40 times greater than our renters. Now, why is that? One reason is when you rent, your monthly payment goes towards your housing costs. But does it have any long term benefits?
But when you own your monthly payments and your home price appreciation helped you build equity, and that equity goes into your net worth and is a big boost over time. I know mortgage rates feel high today, but it may still make sense to buy a home when you consider the long term benefits of investing back into yourself. Let’s connect.
Go over the real impact of homeownership today.