Home ownership is a still a good investment
Home ownership has long been the ultimate dream and a symbol of financial stability for Americans. But in today's historic housing market, where buyers can be overwhelmed by competing offers and rising prices, many people may be asking, is it really worth it?
The short answer is yes. Most financial and real estate advisors agree that home ownership is a good long- term investment. According to the Federal Reserve's 2020 Survey of Consumer Finances, the median net worth of homeowners is more than 40 times greater than that of renters.
Owning a home can lead to greater financial stability and better overall security and sense of well-being. Instead of sinking money into rent each month, you are building your net worth. Owning property can also become an additional revenue stream if you decide to rent out space you aren't using.
Although buying a home can be a good long-term financial move, the key is knowing how much house you can afford. Talking with a real estate agent can help you understand the less obvious costs of buying a home, such as closing costs and maintenance, and make a plan for what you can afford. An outside perspective can also help buyers approach the process rationally, rather than falling into a bidding war over a house they love that may push them outside their financial comfort zone.
Give our team at Harnish Properties a call to see how we can help you plan for one of the biggest financial investments you'll ever make.
201 B Avenue, Suite 101
Downtown Lake Oswego