{"id":8897,"date":"2023-07-20T06:30:00","date_gmt":"2023-07-20T10:30:00","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=8897"},"modified":"2023-07-20T06:30:00","modified_gmt":"2023-07-20T10:30:00","slug":"owning-your-home-helps-you-build-wealth","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=8897","title":{"rendered":"Owning Your Home Helps You Build Wealth"},"content":{"rendered":"
\"Owning<\/p>\n

You may have heard some people say it\u2019s better to rent than buy<\/a> a home right now. But, even today, there are lots of good reasons<\/a> to become a homeowner. One of them is that owning a home is typically viewed as a good long-term investment<\/a> that helps your net worth grow<\/a> over time.<\/p>\n

Homeownership Builds Wealth Regardless of Income Level<\/strong><\/h4>\n

You may be surprised to learn homeowners across various income levels have a much higher net worth than renters who make the same amount. Data from First American<\/em><\/a> helps illustrate this point (see graph below<\/em>):<\/p>\n

<\/a><\/p>\n

What makes wealth so much higher for homeowners? A recent article from Realtor.com<\/em> says<\/a>:<\/p>\n

\u201cHomeownership has long been tied to building wealth\u2014and for good reason. Instead of throwing rent money out the window each month, <\/em>owning a home allows you to build home equity<\/em><\/strong>. And over time, equity can turn your mortgage debt into a sizeable asset.\u201d<\/em><\/p><\/blockquote>\n

Basically, the wealth you accumulate when you own a home has a lot to do with equity. As a homeowner, equity is built up as you pay down your loan and as home prices appreciate<\/a> over time. Mark Fleming, Chief Economist at First American,<\/em> explains<\/a> how this same benefit isn\u2019t true for renters in a recent podcast:<\/p>\n

\u201cRenters as non-homeowners gain no wealth benefit as home prices rise. That wealth actually accrues to the landlord.\u201d<\/em><\/p><\/blockquote>\n

Before you decide<\/a> to sign another rental agreement, now is a good time to think<\/a> about whether it would be better for you to buy a home<\/a> instead. The best way to figure out what makes sense for you is to have a conversation with a real estate expert you trust. That professional can talk you through the benefits that come with owning to determine if that\u2019s the right next step<\/a> for you.\u00a0<\/p>\n

Bottom Line<\/h3>\n

If you’re not sure whether to keep renting or to buy a home<\/a>, know that owning a home, no matter how much money you make, can help build your wealth. Connect with a local real estate agent to get started<\/a> on the path to homeownership.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\"Owning<\/p>\n

You may have heard some people say it\u2019s better to rent than buy a home right now.<\/p>\n<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,134,88,84,125],"tags":[],"class_list":["post-8897","post","type-post","status-publish","format-standard","hentry","category-blog","category-buying-myths","category-first-time-home-buyers","category-for-buyers","category-rent-vs-buy"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/8897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8897"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/8897\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}