Infographic: 5 Reasons It's Good To Be A Homeowner On Superbowl Sunday
It's Superbowl Sunday...watching the big game at your home with your friends and family can offer many advantages.
4 More Reasons It's Good To Be A Homeowner On Any Sunday, Not Just On Superbowl Sunday!
High rental costs. The median cost of renting has risen steadily over the past 30 years. There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… becoming a homeowner seems to make more sense than ever! The median cost of owning versus renting is well below the 28%.
The networth of homeowners is higher than of renters long term. Being a homeowner can build sizeable wealth through appreciation, leverage, forced equity. Every three years, the Federal Reserve conducts a Survey of Consumer Finances to collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016. The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Recently, the Joint Center for Housing Studies at Harvard University focused on homeowners and renters over the age of 65. Their study revealed that the difference in net worth between homeowners and renters at this age group was actually 47.5 times greater!
Real estate is the best long term investment. Real estate has outranked stocks/mutual funds, gold, savings accounts/CDs, and bonds as the best long-term investment among Americans for the last 5 years! And all generations of Americans seem to agree.
- Mortgage affordability is better than ever. Historically, Americans paid just over 21% of their income toward their monthly mortgage payment. While home prices are higher than before, wages have also risen. And, the most important component in the cost equation – the mortgage rate – is dramatically lower than it was in the 1970s, 1980s, 1990s, and 2000s. According to the latest Home Affordability Index by the National Association of Realtors (NAR), Americans now pay 17.4% of their income toward their mortgage payment. That is much lower than the 21% average previous generations have paid. One could say that owning a home is a bargain today compared with years past.
If you're considering becoming a homeowner in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:
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