Homeownership in Central Florida has long been promoted as the ultimate American dream in the Orlando area. There are many reasons people in Central Florida may not want to purchase a home, yet there's no doubting that owning property may have a significant positive impact on your net worth.
According to the Federal Reserve's Survey of Consumer Finances, the median household net worth in the United States is $121,700. The discrepancy in net worth between homeowners and renters, on the other hand, is considerable.
In 2019, homeowners in the United States had a median net worth of $255,000, compared to $6,300 for renters. This is a 40-fold difference between the two groups.
Homeowners have a better net worth for a variety of reasons. You could argue that owning a home is similar to having a forced savings account, in which a portion of your monthly mortgage payment is invested in the home's equity. Renting, on the other hand, is a one-time expense with no return on investment.
Homes can boost a homeowner's overall net worth by appreciating. Additionally, homeowners can benefit from important tax write-offs that aren't available to renters.
About Realtor Scott Garrison:
Bringing over 33 years of experience as a local Orlando Realtor, Top Central Florida Realtor SCOTT GARRISON of the Garrison Brothers Realtor Team at ReMax Town & Country Real State has helped perhaps more Orlando-Area families and investors buy and sell Central Florida Residential Real Estate than any other of the #19,000+ Orlando Realtors currently working in the Central Florida area!
Living in Oviedo and with RE/MAX Real Estate offices in both WINTER SPRINGS, Florida and WINTER PARK, FL, Top Realtor SCOTT GARRISON actively serves your best Residential Real Estate needs virtually anywhere you’d want to be in Central Florida… including Orange, Seminole, Volusia, Osceola, and Lake Counties. Scott has lived here in the Central Florida local Orlando-Area for nearly all of his life, attending the local Winter Park High School and graduating with several degrees from the nearby University of Central Florida.
As a Top Seminole & Orange County Real Estate Agent, Realtor Scott Garrison also has extensive experience in Residential Sales and Purchases, Vacant Land and in helping clients with Foreclosures and Short Sales! He owns multiple Rental Property right here in the area, and over the years, has done many “flips” by buying “ugly houses” and making them Pretty for a new buyer, so he also understands the Real Estate Investor mindset! Call Scott today to find out why “This Realtor WORKS!”