“The biggest determinants of household wealth are owning a home and having a retirement account.”
Many people plan to build their net worth by buying CDs or stocks, or just having a savings account. Recently, however, Economist Jonathan Eggleston and Survey Statistician Donald Hays, both of the U.S. Census Bureau, shared the biggest determinants of wealth,
“The biggest determinants of household wealth [are] owning a home and having a retirement account.” (Shown in the graph below):
“Net worth is an important indicator of economic well-being and provides insights into a household’s economic health.”
Having equity in your home can help your family move in that direction, building toward substantial financial growth. According to the report noted above, people are not only creating net worth in the homes they live in, but many are also earning equity in rental property investments too. (See below):John Paulson said it well,
“If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”
There are financial and non-financial benefits to owning a home. If you would like to increase your net worth, let’s get together so you can learn all the benefits of becoming a homeowner.
To view original article, visit Keeping Current Matters.
The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year and $7,200 over the life of your loan.
The economy is currently experiencing the longest recovery in our nation’s history. How long can this economic recovery last?
If you’re thinking of selling your home, buyer demand is high – and those looking in your neighborhood aren’t giving up anytime soon.
Homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you’re contributing to your net worth.
Don’t let these common myths get in the way of owning the home of your dreams. More often than not, your dream home is within your reach.
Spacious, one of a kind, waterfront home on Areskonk Creek in Center Moriches.