Homeownership can help you build wealth, and here’s why.
It’s no secret that the real estate market is incredibly hot right now, but that doesn’t mean it’s not a good time to buy. In fact, it’s a fantastic time to jump into the market and find the home of your dreams at an affordable price.
Real estate is one of the most effective ways to build wealth. Here’s a statistic that illustrates why: Among people who make around $50,000 per year, those who own homes have an average net worth of around $190,000. Those who rent, however, have an average net worth of around $11,000.
Year to date, home appreciation has risen 18.1% in El Paso County, and it’s only continuing to increase. Fortunately, interest rates are at historically low rates, but these are expected to rise in the future. Here’s an example of the difference interest rates can make: If you buy a home for $400,000, the difference between a 3% and 4% interest rate is $26,000 over a 10-year period. For these reasons, it’s a good idea to get into the market now.
If you’re ready to buy a home and take advantage of double-digit appreciation, we’re here to help you throughout the entire process. Feel free to reach out to us with any questions you may have in the meantime. We look forward to hearing from you soon.