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Why Homeownership Matters Now More Than Ever

Study after study shows that no matter what generation Americans belong to, the vast majority believe that homeownership is an important part of their American Dream. The benefits of homeownership can be broken into two main categories: financial and non-financial (often referred to as emotional or social reasons.)

For Americans approaching retirement age, one of the greatest benefits to homeownership is the added net worth they have been able to achieve simply by paying their mortgage!

The Joint Center for Housing Studies at Harvard University focused on homeowners and renters over the age of 65. Their study revealed that the difference in net worth between homeowners and renters at this age group was actually 47.5 times greater, with nearly half their net worth coming from home equity!

Homeowners over the age of 65 are much more financially prepared for retirement and often own their homes outright if they were fortunate enough to purchase their homes before the age of 36.

Their 30 years of mortgage payments have paid off as they gained equity through their monthly payments and as home values appreciated.

It is no surprise that lifelong renters have had a hard time accruing net worth as the latest Censusreport shows that the Median Asking Rent has been climbing consistently over the last 30 years.

Bottom Line

Your monthly mortgage payment is a form of ‘forced savings’ building your net worth with every payment!

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John DeGrood did a great job for me. The house he helped me sell was a unique property and it needed everything John and his team brought to to the table to get the right buyer at the right price. He was exceptionally familiar with the area and had a marketing and pricing strategy that WORKED. I felt extremely comfortable in letting him practice his art – following his plan we had the offer well above my expectation in about two days. Where he really shined was in handling the inspection negotia…
Joy B.