Unpacking the long-term benefits of home ownership
If you are thinking about buying a house soon, you may be wondering if it is still worth it to buy one now. Rising home prices, higher mortgage rates and affordability concerns can all make you question whether or not you should purchase a house right now. There are other factors to consider. You should also consider the long-term advantages of homeownership. Why is this? Why is that? Home Price Growth over TimeThe map shows how significant price increases have been in the last five years. The data is from the Federal Housing Finance Agency. The map is divided by region to show the larger market trends. Since home prices vary from one area to another, it helps to convey the overall market trends. If you extend that time period, you can see the benefits of homeownership, and the dramatic gains homeowners have made over the years (see map below). The second map shows that home prices nationwide appreciated by over 297% in a 30-year period. This means that the average homeowner who purchased a home 30 years ago has seen their home almost triple its value. This is a major reason why many homeowners who purchased their homes decades ago are still satisfied with their decisions. Experts predict that home prices will continue to increase for many years to come. Bottom LineIf you are wondering if buying a home makes sense today, it is important to focus on long-term benefits that come with homeownership. Reach out to a local realtor when you’re ready for your homebuying adventure.
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