Are you a homeowner?
Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes dates from 2010-2013 reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400)
In a Forbes article the National Association of Realtors (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater. Simply put, home ownership is a form of ‘forced savings’. Every time you pay your mortgage you are contributing to your net worth. Every time you pay rent, you are contributing to your Landlord’s net worth.
Putting Your Homeowner Costs to Work for You
Simply put, home ownership is saving you money! The latest National Housing Pulse Survey from NAR reveals that 85% of consumers believe that purchasing a home is a good financial decision.
Yun comments: “Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. This simplest math shouldn’t be overlooked.”
If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, call me and let’s get together and discuss. Call today at Toll Free # 800.306.8766.