Did you know that June is National Homeownership Month? Every June I try to educate people on the benefits of homeownership. One of the big benefits is wealth building and financial security. Here’s what I mean…
Homeownership Builds Wealth
One of the many reasons I love being a realtor is that homeownership just builds wealth and tremendous financial security. In fact, the net worth of a typical homeowner is nearly 40 times the net worth of a non-owner or renter.
The net worth of a typical homeowner is nearly 40 times the net worth of a non-owner or renter.
Federal Reserve
Not only that but home equity and retirement accounts account for over 60% of households’ net worth across the country… and that’s pretty significant. In addition, over the last decade, middle-income American homeowners have accumulated an average of $122,000/ea. in wealth due to their home price appreciation alone. So do the math, that’s an average of $12,000 per year which is like getting a pretty serious pay raise at work.
The cool thing is, homeownership creates multi-generational wealth. It’s something you can leave to your kids and grandkids and I like that. Just another reason to talk about this stuff during the National Homeownership Month of June.
Price Appreciation, Equity, And Interest Rates
What’s up with home prices? If you listen to the news you’ll hear all kinds of theories and predictions ranging from “the sky is falling” to “buckle up for huge price appreciation.” Depending on who you listen to, they can encourage you to buy a house or run away from homeownership altogether.
I’m not sure how accurate any of them are, but what we do know, and what I share is based on data. Roseburg Or home prices, although they took a pause in the first half of 2023 are starting to rise again. The consistently low residential inventory and high buyer demand are still pushing prices up despite the higher interest rates.
I know the higher prices and higher interest rates can make it harder to qualify for a home and in some instances, all hope is not lost. There are ways to still potentially qualify for a mortgage, buy a house, and start building equity for yourself, not your landlord.
Creative Low And No Down Payment Mortgages
If you really want to become a homeowner but you’re a little short on cash, I can still possibly help. I have creative ways to help renters become homeowners, including low-down, even no-down payment programs for qualified Veterans.
And some more good news for homebuyers… interest rates over the past week have leveled off a tad and we’re seeing more inventory hit the market every day. There were 36 homes listed in Douglas County OR over the past 7 days alone, so there are a few more choices… Welcome to the springtime real estate market!
Who Do You Know…?
So the question is, who do you know who should enter the world of homeownership? Who do you know who might be renting… or maybe living at home… or maybe they’re still living in their mom’s basement and she’s ready to kick them out:)… Who do you know who should buy a house this month or this year? Have them give me a call, shoot me a text, or Direct Message. I’d love to help. My number is 541-643-1131.