This article focuses on the growth of one's net worth through home ownership. Of course, growth in net worth is the main financial benefit. But, a significant benefit that seems to always be overlooked is the net increase in take-home income due to the reduced income taxes, due to being able to deduct mortgage interest and real estate taxes from you taxable income. For most homeowners with a mortgage, the savings is in the multi thousands. Very significant. Nothing better than owning your own home.
How Homeowner Net Worth Grows with Time [INFOGRAPHIC]
Some Highlights
- If you’re thinking about buying a home this year, be sure to consider the long-term financial advantages of homeownership, like home equity.
- On average, people who bought homes 32 years ago have seen their home’s value nearly triple over that time.
- If you’re wondering if buying a home is a good idea, remember rising home values could grow your net worth with time. When you’re ready to start your homebuying journey, let’s talk.