What are the Benefits of Homeownership?

In honor of National Homeownership Month (June), I'm excited to share 3 huge benefits of homeownership - with input from my clients!
 
1. Net Worth: Via articles published by N.A.R, the average Net Worth of a Homeowner is 46 times greater than that of a Renter. Per an article published in 2018, "According to the Federal Reserve, a typical homeowner currently has a net worth of $231,400 versus only $5,100 for a renter. Being a homeowner means building equity over time and comes with tax incentives and a fixed monthly mortgage payment that acts as a forced savings plan, whereas rents – as almost every renter could tell you today – continue to climb far above incomes." (Read full article here )

2. Freedom and Autonomy: As one of my clients recently expressed, "My favorite part about homeownership is having a place that's all your own. You can change anything you like to make your space truly comfortable and function for you and your family."

3. Passive Income Stream: With the new 2020 ADU laws, homeownership also opens up increased ways to generate passive income. With opportunities to build a second dwelling on your land, or simply renting out a room in your existing home to supplement your mortgage, homeownership provides an option for additional passive income today and for your financial future.

4. Manifesting the Future that Aligns with your Lifestyle: Whether you are envisioning raising your children in a traditional home with a backyard or a pool, creating memories together as a family on Thanksgiving, or you’re looking for that Bachelor/ Bachelorette pad by the ocean perfect for entertaining - homeownership provides an investment into that future. So let’s take some real steps today to turn that vision into a reality, because if you can dream it, envision it, you can do it… and I’m here to help you come up with a solid plan how to do so.

In summary, there are so many benefits to homeownership, so whatever your reasons may be,  let's have a conversation today to get you one step closer to your dream of owning a home!

Cover Image: Pexels- Pixabay