Owning a home is likely the biggest investment you’ll make in your lifetime (unless Junior heads to Harvard, but I can’t help you there, folks), and it isn’t without risks. If you are a longtime renter, a recent fledgling renting after leaving the nest, or maybe you’ve returned to renting after selling a property, it’s worth taking a look at the benefits of buying a home. Sometimes renting makes sense, but it pays to know what you are missing before you sign or extend your lease.
According to a 2013 survey conducted by Realtor.com:
- 88% of homeowners report that owning a home has been a positive experience.
- A homeowner’s net worth is 34 times that of a renter, on average.
- Most homeowners (95%) and a majority of renters (72%) believe that over a period of years, it makes more sense to own a home than to rent.
- 77% of homeowners say owning a home helps them achieve long-term financial goals. (Maybe Junior really can go to Harvard, after all!)
- Median list prices in Metro Denver were up 21.3% year over year from October 2013 through October 2014.
- Home owners are pretty cool people. They are:
- 16% more likely to belong to parent-teacher organizations.
- 1.3 x more likely to read a newspaper
- 28% more likely to repair and improve their home
- 28% more likely to vote (after they finish up those repairs, that is)
- 11% more likely to know who represents them in Congress
- In addition to personal benefits, home ownership benefits the nation:
- For every two homes purchased, the economy gains a job.
- Housing accounts for more than 15% of the US GDP, and is a key economic driver in the US.
- For each home purchase worth $173k, approximately $60,000 in direct and indirect spending occurs in the economy.
According to this survey, 78% of homeowners consider now a good time to buy a home, as do 58% of renters. But what about you? Drop a line or pick up the phone to let me know what you think. Whether you’re ready to make a move, or just want to ponder your potential as a homeowner, I’m here to talk.