Everyone strives for an opportunity to grow their personal wealth. There are many ways but none as assured as purchasing and investing in your own home. If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.
The Denver Post article from June 2023, “Metro Denver’s housing market continues to run hot, with home prices gains robust since March despite 30-year mortgage rates approaching 7%.” This is an opportunity to grow your net worth and build passive financial stability at the same time, in consideration that nationwide home prices appreciated by 290.2% over the last 32 years.
CBS News online discusses the many ways homeowners can tap into their home equity, in Denver, or any other city and state.
“In a time of high inflation, stock market volatility and bank failures, many Americans are looking for ways to finance their expenses, pay off high-interest debt and, in general, make ends meet. Common solutions they turn to may include credit cards and personal loans. But homeowners shouldn’t overlook one of their best sources of financing: equity in their homes.”
Reap The Rewards of Homeownership
Money.com published a study titled, “Here’s Who Benefited the Most From Homeownership Over the Past 10 Years.” Here is what the research says, “The ability to build wealth is not only an important part of providing financial stability but also for the economy as a whole. Home equity and retirement accounts make up 60% of a household’s net worth, according to the U.S. Census Bureau and the NAR report. Over the past three years alone, homeowners have gained hundreds of thousands of dollars in equity as home values skyrocketed during the pandemic — wealth that can be tapped with a home equity loan or line of credit if needed for an emergency.”
The Motley Fool discusses the rise in homeowners net worth and personal wealth, “Homeownership can help you increase your net worth over time. According to U.S. census data, home equity and retirement accounts combined made up more than 60% of a typical household’s wealth. And those who owned rather than rented had a median net worth more than 80 times greater than the median for renters.”
That number 80… is staggering and worth looking into and striving for!
Direct Path to Personal Wealth
Understanding the benefits of working with a real-estate agent, a qualified specialized professional such as Kathy and Ed Boyle. They are owner, brokers at Katchen Company, a boutique residential and commercial real estate company that has been locally owned and operated in Denver since 1962. Their business is a love affair between this amazing city of Denver, their family, and their clients.
So, there it is in a nutshell, owning your own home is an investment in your future and the future of your family. What better opportunity to provide a shortcut to improving on your life situation and grow your personal wealth?
*The full concise Market Watch Report Released for May 2023
REColorado posted the May 2023 Housing market Stats.