Homeownership Is Full of Financial Benefits

With how crazy the housing market is it makes sense that if you were thinking of buying a home you now are considering putting it on the back burner till things calm down, but that may not be the wisest decision.

One of the reasons is we do not see this housing market slowing down much in the coming future and two because the sooner you can buy a home the sooner you can build your wealth. Yup, you heard that right! Owning a home gives you many financial benefits. Fannie Mae recently conducted a survey which revealed some of the major financial benefits of owning a home:

• 88% – a better chance of saving for retirement
• 87% – the best investment plan
• 85% – the chance to be better off financially
• 85% – the chance to build up wealth

To back up this survey the Federal Reserve released a report confirming that homeowners have forty times higher net worth than renters and that continues to grow. Now some may argue that the reason for this gap is because homeowners tend to have larger incomes than renters but a study by First American showed that regardless of the income level there still was a significant difference between homeowners and renters.

So, if we still haven’t convinced you and you’re still on the fence, do us a favor and at least contact a realtor to discuss your options! It doesn’t hurt to do your research.