{"id":1911,"date":"2017-07-13T10:00:34","date_gmt":"2017-07-13T10:00:34","guid":{"rendered":"https:\/\/thezakariagroup.com\/the-5-greatest-benefits-of-homeownership\/"},"modified":"2017-07-13T10:00:34","modified_gmt":"2017-07-13T10:00:34","slug":"the-5-greatest-benefits-of-homeownership","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/the-5-greatest-benefits-of-homeownership\/","title":{"rendered":"The 5 Greatest Benefits of Homeownership"},"content":{"rendered":"
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\"The<\/p>\n

Recently, Freddie Mac<\/em> reported on<\/a> the benefits of homeownership. According to their report, here are the five benefits that \u201cshould be at the top of everyone\u2019s list.\u201d<\/em><\/span><\/p>\n

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  1. Homeownership can help you build equity over time.<\/li>\n
  2. Your monthly payments will remain stable.<\/li>\n
  3. You may have some tax benefits.<\/li>\n
  4. You can take pride in ownership.<\/li>\n
  5. Homeownership improves your community.<\/li>\n<\/ol>\n

    Let\u2019s expand on each of Freddie Mac\u2019s<\/em> points:<\/p>\n

    Homeownership can help you build equity over time. <\/strong><\/h4>\n

    Every three years, the Federal Reserve<\/em> conducts a Survey of Consumer Finances<\/em> in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner\u2019s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).<\/p>\n

    In a Forbes<\/em> article, the National Association of Realtors\u2019 <\/em>(NAR) Chief Economist <\/em>Lawrence Yun reported that now the net worth gap is 45 times greater.<\/p>\n

    Your monthly payments will remain stable. <\/strong><\/h4>\n

    When you purchase a home with a fixed rate mortgage, the majority of the payment (principle and interest) remain constant. On the other hand, rents continue to skyrocket<\/a>. Your housing expense is much more stable if you own instead of rent.<\/p>\n

    You may have some tax benefits. <\/strong><\/h4>\n

    According to the Tax Policy Center<\/em>\u2019s Briefing Book<\/em><\/a> -\u201cA citizen\u2019s guide to the fascinating (though often complex) elements of the federal Tax System\u201d<\/em> \u2013 there are several tax advantages to homeownership.<\/p>\n

    Here are four items from the Briefing Book<\/em>:<\/p>\n