[Infographic] How Home Ownership Builds Wealth


Source:Keeping Current Matters


Buying a home is often the biggest financial decision that any family will make.

If you are ready and willing, find out if you are ABLE to buy a home by speaking with one of our mortgage experts about a no cost, no obligation, full evaluation of your credit and options.

Hiring a local real estate professional who knows the area that you would like to move to is often the best next step.

A few items to consider:

  • The average net worth of a homeowner is 45X's greater than that of a renter. (Example: Homeowner - $225,000 vs. Renter - $5,000)
  • Even after the housing crisis (Dec. 2007-June 2009), net worth of homeowners over time has been greater than renters.
  • When you rent, you are paying your landlord's mortgage...Why not start paying your own?

Find a balance between the pros and cons

When to Rent

  • Interest rates are historically low
  • You're financially stable
  • You have researched the market
  • You have good credit
  • You're ready for a long term investment (i.e. you plan on living in the home 5 years or more)
  • You understand potential tax deductions

When to Rent

Extra costs, maintenance requirements

When to Rent

  • You require flexibility
  • Uncertain career path
  • Financial instability
  • Lack the time to care for property
  • Poor credit

When to Rent

Rent hikes, lost investment, landlord's rules

Buying a home creates real wealth for you and your family

When to Rent

  • Building equity in your home
  • Gaining tax advantages
  • Convert your home into a rental property investment
  • Owning a property as it appreciates

When to Rent

Homeownership puts your housing costs to work for you. Paying down a mortgage principal increases your net worth.

When to Rent

It is difficult to invest their "saved" money each month without a near-term goal, like a down payment.

Overall trends state that buying is the best option. Always evaluate your situation and long term goals before making a home purchase.

If you have done your research, you can decide if and when you are prepared to buy a home and create real wealth for you and your family.

When to Rent

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