First time buyers and for that matter all homebuyers may be wondering exactly what benefit other than a place to hang my hat is there to owning a home.

For most people homeownership is the number 1 way to create wealth.

Odeta Kushi, deputy Chief Economist at First American has said:

“The wealth-building power of homeownership shows that home is not only where your heart is, but also where your wealth is…For the majority of household that transition into homeownership, the most recent data reinforce that housing is one of the biggest positive drivers of wealth creation.”

According to a recent CoreLogic Report Homeowner Equity Insights in the last 12 months there was a surge in wealth created through increased home equity. Some of the key points of the report were:

1-     Roughly 38% of all homes are mortgage-free

2-     The average equity gain of mortgaged homes in the last year was $26,300

3-     The current average equity of mortgaged homes is greater than $200,000

4-     There was a 16.9% increase in total homeowner equity.

5-     Total homeowner equity has reached over $1.5 trillion

The bottom line is that homeownership builds wealth through equity and this creates a positive impact for both homeowners and their communities. Let’s connect today and start building your wealth.