The biggest financial debates we have seen this year is whether it is more beneficial to buy a home or rent with the uncertanties of the market. However when having this debate most people are overlooking the abilitly you have to build wealth as a homeowner. 

Acording NAR homeownership is the key pathway to building wealth. How you may ask? Well, an increase in equity builds the wealth of the individual who owns it and that wealth can be passed on to future generations.

NAR research reveals:

"Homeowners who purchased a typical single-family existing-home 30 years ago at the median sales price of $103,333 with a 10% down payment loan and who sold the property at the median sales price of $357,700 in 2021 Q2 accumulated housing wealth of $349. As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity."

The most recent Home Price Expectation Survey, which is a survey of over one hundred economists, real estate experts, and investment and market strategists, expects home values (and therefore equity) to increase as follows:

2021: 11.74%
2022: 5.82%
2023: 3.94%
2024: 3.56%
2025: 3.55%

You may be asking ok but bottom line what does this all mean? It means that owning home (especially now) is one of the smartest financial decisions that you can make if you want to start building wealth. 

Ready to start the process? Reach out to us today and we can help!