Did You Know? The Net Worth of a Homeowner is 40 Times Greater than a Renter's Net Worth.

Home ownership is one of the best ways to build up your family's financial future. In fact, the net worth of a home owner is 40 times greater than that of someone leasing a home, according to the Federal Reserve. With lower interest rates in the current real estate market, it may be time to consider buying a home.

Owning a home helps build financial security and the Survey of Consumer Finances shows the breakdown of this in the graph below. In the graph you'll see how the average net worth of homeowners keeps growing while the net worth of renters holds steady and can be significantly lower than homeowners.

Over time you can see the gap between owning and renting just gets wider and wider. The reality is that homeownership is definitely more desirable than renting - in the long run.

Every month you make your mortgage payment, you are contributing to your net worth.

This happens because you are increasing the equity you have in your home. Many homeowners understand that homeownership serves as a "forced savings" and any kind of savings is always a good thing! (See chart below):

Americans chose real estate as the best long-term investment for the seventh year in a row, according to The Gallup. 35% of Americans chose real estate as opposed to stocks, savings accounts, gold, and bonds. There are great opportunities in today's real estate market for those who want to buy a home. As stated before, the market reflects historically low interest rates which gives the buyer a big boost in how far their money will go. In fact, buying a home this fall could increase your net worth and help act as a safety net for your family's future.

To sum it all up, using your monthly housing cost to build net worth is a smart idea. Just reach out when you're ready for guidance through the home buying process. I'm here assisting the DFW Metroplex! Angela Slawinski - Realtor (972)632-7710

Content and graphics source: Keeping Current Matters