What's the Biggest Benefit to Homeownership?
One of the many reasons to buy a home is the way it helps build wealth and financial stability. According to Freddie Mac:
“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”
With spring approaching, it is a great time to consider if buying a home makes sense for you. The Just Say Home KC Team can help you learn what's happening in the Kansas City housing market, and help you make an informed decision.
The Largest Part of Most Homeowners’ Net Worth Is Their Equity
You may be surprised just how much of a homeowner’s net worth comes from owning their home. The National Association of Realtors (NAR) shares:
“Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families. Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”
Home equity does more to build household wealth than anything else. According to data from First American, this is true across different income levels (see graph below):
One of the biggest benefits of owning a home, regardless of your income level, is financial stability and building wealth. To learn more about buying a home in Kansas City, connect with the Just Say Home KC Team at 816-656-2816.
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