The Federal Reserve Estimates that homeowners have a net worth of nearly 36 times more than that of renters!! Renters have to deal with a rental increase every year of 2 - 5% but can not build up any wealth.
The Center for Housing Policy reports that the number of working-family renters paying more than half their income for housing has soared from 1 million to 2.1 million since 1997 and it is probably higher here in Los Angeles.
And don't forget the tax write-offs you get for paying interest on your loan. Do you know anyone who is really wealthy that doesn't own Real Estate? You are crazy to be renting! Start a savings account today for your down-payment. Encourage others to contribute instead of holiday & birthday gifts.
If this blog inspires you to quit renting, I am ready to help you get out of the spending pattern! I believe in Real Estate.
-Eileen
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