Being financially secure is an important goal for many people these days, but some people don’t realize how owning a home can help them make this dream come true. A recent report, The Journey Toward Financial Freedom, asked Americans for their views on financial well-being and their goals. This suggests there may be a major misconception about the role of homeownership in wealth building:“Homeownership is one of the indicators Americans say is least connected to financial health.”The two primary goals of personal wealth – homeownership and equity – work in tandem. Here are some reasons why, if you are looking for financial security, homeownership should be a top priority.Homeownership Is an Important Cornerstone of Building Wealth
The gap exists in large part because homeowners are building equity because their homes are appreciating and they are paying off a portion of their mortgage each month. When you own your home, your monthly mortgage payment is essentially the required savings that will be returned to you when you sell or refinance your home. As a tenant, you will never see a profit on what you paid in monthly rent.
If you’re ready to start building your equity, today’s real estate market offers a number of opportunities that you should consider. For example, with today’s low mortgage rates, your purchasing power may be greater today than it was in the past. This means that there is no better time than now to start working towards your homeownership goal – especially as rates are expected to rise over the next few months.
Owning a home provides one of the strongest foundations for building individual wealth and lasting financial security. If you’re ready to start your path towards homeownership, talk with a trusted real estate advisor today.
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