There has been a lot written about the benefits of homeownership. One benefit that continues to rise to the top is the added wealth homeowners gain simply by paying their mortgage while their home increases in value over time.
TheNational Association of Realtors(NAR) recently broke down the equity gained from price appreciation and principal payments in theirEconomists Outlook Blog. Homeowners who purchased their homes five years ago have already gained almost $80,000 in equity over that time with80% of the gains coming from price appreciation.
For a homeowner who purchased their home 30 years ago, they have gained nearly $250,000 in equity with 70% coming from price increases.The full results can be seen in the chart below.
According to theHome Price Expectation Survey, a family whopurchased a median priced homethis January can expect to gain more than $42,000 over the next five years simply from price appreciation alone.
Your home is one of the only investments you can live inside as you pay it off over time. If you are ready to use your housing costs to build wealth, let’s get together to discuss how to make your dream a reality.
Author:Brian Woodhead -Skyline Team Leader Phone: 602-369-0671 Dated: March 28th 2019 Views: 189 About Brian Woodhead: Realtor Designation
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