{"id":7845,"date":"2022-09-06T10:00:53","date_gmt":"2022-09-06T10:00:53","guid":{"rendered":"https:\/\/thezakariagroup.com\/how-owning-a-home-builds-your-net-worth\/"},"modified":"2022-09-06T10:00:53","modified_gmt":"2022-09-06T10:00:53","slug":"how-owning-a-home-builds-your-net-worth","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/how-owning-a-home-builds-your-net-worth\/","title":{"rendered":"How Owning a Home Builds Your Net Worth"},"content":{"rendered":"
\n

\"How<\/p>\n

Owning a home<\/a> is a major financial milestone and an achievement to take pride in. One major reason: the equity<\/a> you build as a homeowner gives your net worth a big boost. And with high inflation<\/a> right now, the link between owning your home and building your wealth is especially important.<\/span><\/p>\n

If you\u2019re looking to increase your financial security, here\u2019s why now could be a good time to start on your journey toward homeownership<\/a>.<\/p>\n

Owning a Home Is a Key Ingredient for Financial Success<\/strong><\/h4>\n

A report<\/a> from the National Association of Realtors <\/em>(NAR) details several homeownership trends, including a significant gap in net worth between homeowners and renters. <\/em>It finds:<\/p>\n

\n

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

To put that into perspective, the average homeowner\u2019s net worth is roughly 40 times that of a renter\u2019s<\/strong>. This difference shows owning a home is a key step in achieving financial success.<\/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. When you own a home, your equity grows as your home appreciates in value<\/a> and you make your mortgage payments each month. As a renter<\/a>, you don\u2019t have that same opportunity. A recent article from CNET<\/em> explains<\/a>:<\/p>\n

\n

\u201cHomeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you\u2019re building equity in your home<\/strong> . . .<\/em> When you rent, you aren\u2019t investing in your financial future the same way you are when you\u2019re paying off a mortgage.\u201d<\/em><\/p>\n<\/blockquote>\n

But on top of that, your home equity grows even more as your home appreciates<\/a> in value over time. That has a major impact on the wealth you build, as a recent article from Bankrate<\/em> notes<\/a>:<\/p>\n

\n

\u201cBuilding home equity can help you increase your wealth over time, . . . A home is one of the only assets that have the potential to appreciate in value as you pay it down<\/strong><\/em>.\u201d<\/p>\n<\/blockquote>\n

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

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

Owning a home is an important part of building your net worth. 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":"

Owning a home is a major financial milestone and an achievement to take pride in. One major reason: the equity you build as a homeowner gives your net worth a big boost. And with high inflation right now, the link between owning your home and building your wealth is especially important. If you\u2019re looking to […]<\/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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nHow Owning a Home Builds Your Net Worth - 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\/how-owning-a-home-builds-your-net-worth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Owning a Home Builds Your Net Worth - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Owning a home is a major financial milestone and an achievement to take pride in. 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