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Is It Getting More Affordable To Buy a Home?
Over the past year or so, a lot of people have been talking about how tough it is to buy a home. […]
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Is It Better To Rent Than Buy a Home Right Now?
You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. […]
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Should I Wait for Mortgage Rates To Come Down Before I Move?
If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. […]
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Ways To Use Your Tax Refund If You Want To Buy a Home
Have you been saving up to buy a home this year? […]
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The Perks of Downsizing When You Retire [INFOGRAPHIC]
If you’re about to retire, or just did, downsizing can be a good way to try to cut down on some of your expenses. […]
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Builders Are Building Smaller Homes
There’s no arguing it, affordability is still tight. […]
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Should I Move with Today’s Mortgage Rates?
When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. […]
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The Top 5 Reasons You Need a Real Estate Agent when Buying a Home
You may have heard headlines in the news lately about agents in the real estate industry and discussions about their commissions. […]
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Don’t Let Your Student Loans Delay Your Homeownership Plans
If you have student loans and want to buy a home, you might have questions about how your debt affects your plans. […]
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Top 5 Reasons To Hire an Agent When Buying a Home [INFOGRAPHIC]
Hiring an agent when buying a home helps you understand the buying process and the local market. […]
Homeowner’s Net Worth Is Still Greater Than a Renter’s
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).
The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)!
Put Your Housing Cost to Work for You
As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.
The latest National Housing Pulse Survey from NAR reveals that 84% of consumers believe that purchasing a home is a good financial decision. William E. Brown comments:
“Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home.”
Bottom Line
If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, let’s get together and evaluate your ability to buy today!
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