{"id":7503,"date":"2021-04-08T10:00:48","date_gmt":"2021-04-08T10:00:48","guid":{"rendered":"https:\/\/thezakariagroup.com\/homeownership-is-full-of-financial-benefits\/"},"modified":"2021-04-08T10:00:48","modified_gmt":"2021-04-08T10:00:48","slug":"homeownership-is-full-of-financial-benefits","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/homeownership-is-full-of-financial-benefits\/","title":{"rendered":"Homeownership Is Full of Financial Benefits"},"content":{"rendered":"<div>\n<p><img decoding=\"async\" width=\"358\" src=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104129\/20210408-KCM-Share-549x300.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"Homeownership Is Full of Financial Benefits | Simplifying The Market\" loading=\"lazy\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" srcset=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104129\/20210408-KCM-Share-549x300.jpg 549w, https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104129\/20210408-KCM-Share.jpg 750w\" sizes=\"(max-width: 549px) 100vw, 549px\"><\/p>\n<p>A <em>Fannie Mae<\/em> <a href=\"https:\/\/www.fanniemae.com\/media\/38891\/display\">survey<\/a> recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today&rsquo;s power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents:<span id=\"more-44161\"><\/span><\/p>\n<ul>\n<li>88% &ndash; a better chance of saving for retirement<\/li>\n<li>87% &ndash; the best investment plan<\/li>\n<li>85% &ndash; the chance to be better off financially<\/li>\n<li>85% &ndash; the chance to build up wealth<\/li>\n<\/ul>\n<p>Additional financial advantages of homeownership included in the survey are having the best overall tax situation and being able to live within your budget.<\/p>\n<h4><strong>Does homeownership actually give you a better chance to build wealth?<\/strong><\/h4>\n<p>No one can question a person&rsquo;s unique feelings about the importance of homeownership. However, it&rsquo;s fair to ask if the numbers justify homeownership as a <strong>financial<\/strong> asset.<\/p>\n<p>Last fall, the <em>Federal Reserve<\/em> released the <a href=\"https:\/\/www.federalreserve.gov\/publications\/files\/scf20.pdf\">Survey of Consumer Finances<\/a>, a report done every three years, with the latest edition covering through 2019. Their findings confirmed that homeownership is a clear financial benefit. The survey found that <strong>homeowners<\/strong> <strong>have forty times higher net worth than renters<\/strong> ($255,000 for homeowners compared to $6,300 for renters).<\/p>\n<p>The difference in net worth between homeowners and renters has continued to grow. Here&rsquo;s a graph showing the results of the last four Fed surveys:<a href=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104133\/20210408-MEM-Eng-1.png\"><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-44164\" src=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104133\/20210408-MEM-Eng-1.png\" alt=\"Homeownership Is Full of Financial Benefits | Simplifying The Market\" width=\"650\" height=\"488\" srcset=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104133\/20210408-MEM-Eng-1.png 1000w, https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104133\/20210408-MEM-Eng-1-400x300.png 400w\" sizes=\"(max-width: 650px) 100vw, 650px\"><\/a>The above graph only includes data through 2019, but according to <em>CoreLogic<\/em>, the <a href=\"https:\/\/www.corelogic.com\/insights-download\/homeowner-equity-report.aspx\">equity<\/a> held by homeowners grew by $26,300 over the last twelve months alone. That means the gap between the net worth of homeowners and renters has probably widened even further over the last year.<\/p>\n<p>Some might argue the difference in net worth may be due to homeowners normally having larger incomes than renters and therefore the ability to save more money. However, a <a href=\"https:\/\/blog.firstam.com\/economics\/homeownership-remains-strongly-linked-to-wealth-building\">study<\/a> by <em>First American<\/em> shows homeowners have greater net worth than renters regardless of their income level. Here are the findings:<a href=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104131\/20210408-MEM-Eng-2.png\"><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-44163\" src=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104131\/20210408-MEM-Eng-2.png\" alt=\"Homeownership Is Full of Financial Benefits | Simplifying The Market\" width=\"650\" height=\"488\" srcset=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104131\/20210408-MEM-Eng-2.png 1000w, https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2021\/04\/07104131\/20210408-MEM-Eng-2-400x300.png 400w\" sizes=\"(max-width: 650px) 100vw, 650px\"><\/a>Others may think homeowners are older and that&rsquo;s why they have a greater net worth. However, a <em>Joint Center for Housing Studies of<\/em> <em>Harvard University<\/em> <a href=\"https:\/\/www.jchs.harvard.edu\/sites\/default\/files\/reports\/files\/Harvard_JCHS_Housing_Americas_Older_Adults_2019.pdf\">report<\/a> on homeowners and renters over the age of 65 reveals:<\/p>\n<blockquote>\n<p><em>&ldquo;The ability to build equity puts homeowners far ahead of renters in terms of household wealth&hellip;the median owner age 65 and over had home equity of $143,500 and net wealth of $319,200. By comparison, the net wealth of the same-age renter was just $6,700.&rdquo;<\/em><\/p>\n<\/blockquote>\n<p>Homeowners 65 and older have 47.6 times greater net worth than renters.<\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>The idea of homeownership as a direct way to build your net worth has met the test of time. Let&rsquo;s connect if you&rsquo;re ready to take steps toward becoming a homeowner.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener noreferrer\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Fannie Mae survey recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today&rsquo;s power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents: 88% &ndash; a better chance of saving for retirement 87% &ndash; the best investment plan [&hellip;]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,111],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Homeownership Is Full of Financial Benefits - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/homeownership-is-full-of-financial-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homeownership Is Full of Financial Benefits - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"A Fannie Mae survey recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today&rsquo;s power-packed housing market. 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