{"id":7729,"date":"2022-03-28T10:00:27","date_gmt":"2022-03-28T10:00:27","guid":{"rendered":"https:\/\/thezakariagroup.com\/a-key-to-building-wealth-is-homeownership\/"},"modified":"2022-03-28T10:00:27","modified_gmt":"2022-03-28T10:00:27","slug":"a-key-to-building-wealth-is-homeownership","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/a-key-to-building-wealth-is-homeownership\/","title":{"rendered":"A Key To Building Wealth Is Homeownership"},"content":{"rendered":"
\n

\"A<\/p>\n

The link between financial security and homeownership is especially important today as inflation<\/a> rises.\u00a0 But many people may not realize just how much owning a home contributes to your overall net worth<\/a>. As Leslie Rouda Smith, President of the National Association of Realtors<\/em> (NAR), says<\/a>:<\/span><\/p>\n

\n

\u201cHomeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability.\u201d <\/em><\/p>\n<\/blockquote>\n

Here are just a few reasons why, if you\u2019re looking to increase your financial stability, homeownership is a worthwhile goal.<\/p>\n

Owning a Home Is a Building Block for Financial Success<\/strong><\/h4>\n

A recent NAR report<\/a> details several homeownership trends and statistics, including the difference in net worth between homeowners and renters<\/a>. It finds:<\/p>\n

\u201c. . . the net worth of a homeowner was about $300,000 while that of a renter\u2019s was $8,000 in 2021<\/strong>.\u201d<\/em><\/p>\n

To put that into perspective, the average homeowner\u2019s net worth is roughly 40 times that of a renter<\/strong> (see visual below):<\/em><\/p>\n

\"A<\/a><\/p>\n

The results from this report show that owning a home is a key piece to the puzzle when building your overall net worth.<\/p>\n

Equity Gains Can Substantially Boost a Homeowner\u2019s Net Worth<\/strong><\/h4>\n

The net worth gap between owners and renters exists in large part because homeowners build equity<\/a>. As a homeowner, your equity grows as your home appreciates<\/a> in value and you make your mortgage payments each month.<\/p>\n

In other words, when you own your home, you have the benefit of your mortgage payment acting as a contribution to a forced savings account. And when you sell, any equity you\u2019ve built up comes back to you. As a <\/strong>renter<\/strong><\/a>, you\u2019ll never see a return on the money you pay out in rent every month.<\/strong><\/p>\n

To sum it up, NAR says it simply<\/a>:<\/p>\n

\n

\u201cHomeownership has always been an important way to build wealth.\u201d<\/em><\/strong><\/p>\n<\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

The gap between a homeowner\u2019s net worth and a renter\u2019s shows how truly foundational homeownership is to wealth-building. If you\u2019re ready to start on your journey to homeownership, let\u2019s connect today.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The link between financial security and homeownership is especially important today as inflation rises.\u00a0 But many people may not realize just how much owning a home contributes to your overall net worth. As Leslie Rouda Smith, President of the National Association of Realtors (NAR), says: \u201cHomeownership is rewarding in so many ways and can serve […]<\/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_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,102,111],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nA Key To Building Wealth Is Homeownership - 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\/a-key-to-building-wealth-is-homeownership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Key To Building Wealth Is Homeownership - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"The link between financial security and homeownership is especially important today as inflation rises.\u00a0 But many people may not realize just how much owning a home contributes to your overall net worth. 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