Homeownership Builds Wealth

You have undoubtedly heard that real estate is an excellent investment and an ideal way to build wealth. This has proved to be true on a global scale. But how do you know that this idea holds true in an unstable economy with competitive housing prices and slowly climbing interest rates? With so much uncertainty surrounding the economy and the general state of the world, we turn to the experts. 

In a recent survey, Forbes Advisor polled nearly two dozen financial and real estate experts and found that the majority (57 percent) still agreed that, despite a white-hot housing market, purchasing a home was still a fantastic investment as it builds the net worth of homeowners. Nearly 38 percent advised that potential buyers assess their circumstances and make the decision to purchase a home based on location and local markets, and Washington County continually ranks among the best markets and locations throughout the country. 

When building wealth through homeownership, it’s also important to note that homeowners have a net worth that is an astounding forty times higher than their renter counterparts, which solidifies home purchases as a wise financial move. Wealth building is an overall mindset that has a large impact on other financial decisions related to saving and spending. When an individual is financially responsible enough to own a home, they become an investor in their future through consistent wealth-building choices. Year after year, the net worth of homeowners grows as they pay down the balance of the home loan while the value of the property increases.

It’s easy to decide that you want to grow your wealth and make an investment for your future, but how do you do that—especially in the current market? This is where the expertise of a licensed REALTOR® is invaluable. A decision of such magnitude comes with an array of potential issues, and a REALTOR® helps you navigate bidding wars, contingencies, and laws associated with the home-buying process. 

At the end of the day, all residents of Washington County deserve the opportunity to build lasting wealth and realize their dreams of homeownership. Owning a home is still very much a part of the American dream. Enlist the services of a local REALTOR®, and you’ll be well on your way to achieving your dreams, securing your future, and creating stability in an ever-changing world. It’s sure to be an incredible journey.