The Dramatic Impact of Homeownership on Net Worth

Written by Stuart FL Mortgage Syndicated User on January 12, 2024. Posted in Buying Myths, First Time Home Buyers, For Buyers, Mortgage Rates Stuart FL, Rent vs. Buy, Stuart FL Mortgage.

If you’re trying to decide whether to rent or buy a home this year, here’s a powerful insight that could give you the clarity and confidence you need to make your decision.Every three years, the Federal Reserve releases the Survey of Consumer Finances (SCF), which compares net worth for homeowners and renters. The latest report shows the average homeowner’s net worth is almost 40X greater than a renter’s (see graph below):One reason a wealth gap exists between renters and homeowners is because when you’re a homeowner, your equity grows as your home appreciates in value and you make...

How To Turn Homeownership into a Side Hustle

Written by Stuart FL Mortgage Syndicated User on December 7, 2023. Posted in Demographics, First Time Home Buyers, For Buyers, Mortgage Rates Stuart FL, Move-Up Buyers, Rent vs. Buy, Stuart FL Mortgage.

Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? According to Bankrate, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below): Here are two strategies that can not only make homeownership more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.Transforming the Challenge of a...

Why Homeowners Are Thankful They Own

Written by Stuart FL Mortgage Syndicated User on November 24, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Mortgage Rates Stuart FL, Rent vs. Buy, Stuart FL Mortgage.

Countless people have set out on the exciting journey of homeownership. Ask around and you’ll find the vast majority are thankful they took the leap and bought a home. But why? It’s because of the many emotional and lifestyle benefits that come with being a homeowner.So, if you’re trying to decide if you want to rent or buy a home, here are just a few of the many benefits you could look forward to if you buy.It’s a Safe HavenOwning a home goes beyond just having a roof over your head. It provides a sense of security and safety. In fact, in a survey from Fannie Mae, respondents say “having a...

Homeowner Net Worth Has Skyrocketed

Written by Stuart FL Mortgage Syndicated User on November 8, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Mortgage Rates Stuart FL, Move-Up Buyers, Rent vs. Buy, Stuart FL Mortgage.

If you’re weighing your options to decide whether it makes more sense to rent or buy a home today, here’s one key data point that could help you feel more confident in making your decision. Every three years, the Federal Reserve Board releases the Survey of Consumer Finances (SCF). That report covers the difference in net worth for both homeowners and renters. Spoiler alert: the gap between the two is significant.The average homeowner’s net worth is almost 40X greater than a renter’s. And here’s the data to prove it (see graph below):The Big Reason Homeowner Net Worth Is So HighIn the previous...

How Buying a Multi-Generational Home Helps with Affordability Today

Written by Stuart FL Mortgage Syndicated User on October 18, 2023. Posted in Demographics, First Time Home Buyers, For Buyers, Mortgage Rates Stuart FL, Move-Up Buyers, Rent vs. Buy, Stuart FL Mortgage.

In today’s world of rising housing costs, many buyers are looking for ways to still be able to buy a home. Some of them have found a solution in multi-generational living.Multi-generational living is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents. Here’s an in-depth look at why more buyers are choosing this option today, so you can see if it may be right for you too.Reasons To Buy a Multi-Generational HomeAccording to a recent study by the National Association of Realtors (NAR), the top two reasons people are opting...

The Difference Between Renting and Buying a Home [INFOGRAPHIC]

Written by Stuart FL Mortgage Syndicated User on October 14, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics, Mortgage Rates Stuart FL, Move-Up Buyers, Rent vs. Buy, Stuart FL Mortgage.

Some HighlightsWhen deciding between buying a home or renting, think about these three important factors.Buying a home means avoiding rising rents, owning a tangible and valuable asset, and growing your wealth over time.If you’re ready to enjoy the advantages of owning a home, connect with a local real estate expert to discuss your options.

Growing Your Net Worth with Homeownership

Written by Stuart FL Mortgage Syndicated User on October 13, 2023. Posted in Buying Myths, For Buyers, Mortgage Rates Stuart FL, Rent vs. Buy, Stuart FL Mortgage.

Take a moment to imagine where you want to be in a few years. You might be thinking about your job, money, wanting more stability, or goals you want to reach soon. Is homeownership a part of that vision? If it is, you should know owning a home has a whole lot of financial benefits.One of the many reasons to buy a home is that it’s a great way to build wealth and gain financial stability. That’s because the value of most homes increases over time, which in turn grows your net worth. Here’s how home values are rising right now. According to Zillow:“The total value of the U.S. housing market –...

Should Baby Boomers Buy or Rent After Selling Their Houses?

Written by Stuart FL Mortgage Syndicated User on September 14, 2023. Posted in Baby Boomers, Buying Myths, Demographics, For Buyers, Mortgage Rates Stuart FL, Rent vs. Buy, Stuart FL Mortgage.

Are you a baby boomer who’s lived in your current house for a long time and you’re ready for a change? If you’re thinking about selling your house, you have a lot to consider. Will you move to a different state or stay nearby? Is it time to downsize or do you want more space to accommodate your loved ones? But maybe the biggest consideration boils down to this – will you buy your next home or choose to rent instead?That decision ultimately depends on your current situation and your future plans. Here are two important factors to help you decide what’s right for you.Expect Rents to Keep Going...

Owning Your Home Helps You Build Wealth

Written by Stuart FL Mortgage Syndicated User on July 21, 2023. Posted in Buying Myths, First Time Home Buyers, For Buyers, Mortgage Rates Stuart FL, Rent vs. Buy, Stuart FL Mortgage.

You may have heard some people say it’s better to rent than buy a home right now. But, even today, there are lots of good reasons to become a homeowner. One of them is that owning a home is typically viewed as a good long-term investment that helps your net worth grow over time.Homeownership Builds Wealth Regardless of Income LevelYou may be surprised to learn homeowners across various income levels have a much higher net worth than renters who make the same amount. Data from First American helps illustrate this point (see graph below):What makes wealth so much higher for homeowners? A recent...

Why Homeownership Wins in the Long Run

Written by Stuart FL Mortgage Syndicated User on June 28, 2023. Posted in First Time Home Buyers, For Buyers, Mortgage Rates Stuart FL, Pricing, Rent vs. Buy, Stuart FL Mortgage.

Today’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to think about the long-term benefits of homeownership when making your decision.Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own...

Category: Rent vs. Buy