Homeownership Is an Investment in Your Future

<article class="post-562828 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-562828"><span class="entry-date">December 8, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">Homeownership Is an Investment in Your Future</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Homeownership+Is+an+Investment+in+Your+Future&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhomeownership-is-an-investment-in-your-future%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Homeownership Is an Investment in Your Future | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/07164139/homeownership-is-an-investment-in-your-future-KCM-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/07164139/homeownership-is-an-investment-in-your-future-KCM-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/07164139/homeownership-is-an-investment-in-your-future-KCM.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>There are many people thinking about buying a home, but with everything affecting the <a href="https://www.simplifyingthemarket.com/2022/10/19/should-you-still-buy-a-home-with-the-latest-news-about-inflation/?a=712984-fa409495d5d70154d03a25e81e9540e2">economy</a>, some are wondering if it’s a smart decision to buy now or if it makes more sense to wait it out. As Bob Broeksmit, President and CEO of the <em>Mortgage Bankers Association</em> (MBA), <a href="https://edition.cnn.com/2022/11/10/homes/mortgage-rates-november-10/">explains</a>:<span id="more-47580"></span></p>
<blockquote>
<p><em>“<strong>The desire for homeownership is strong</strong>. Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.”</em></p>
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<p>If you’re in that position, remember that it’s important to consider not just what’s happening today but also what <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">benefits</a> you may gain in the long run.</p>
<p>There’s a lot of information out there about how homeownership helps build a homeowner’s net worth over time. But even today, many people think first about things like 401(k)s before they think of owning a home as a wealth-building tool. It’s especially important if you’re a young prospective homebuyer to understand how homeownership is another key way to invest in your future. An article from <em>Bloomberg</em> <a href="https://www.bloomberg.com/opinion/articles/2022-11-11/it-s-ok-to-save-for-a-house-down-payment-at-the-expense-of-retirement?=true&amp;sref=BRvilyBN">notes</a>:</p>
<blockquote>
<p><em>“Millennials have higher average 401(k) balances than Generation X did when they were the same age, <strong>but they’re not any better off financially. . . . A lot of that has to do with being less likely to own a home.”</strong></em></p>
</blockquote>
<p>To help you understand just how much owning a home can have a positive impact on your life over the years, take a look at what the data shows. The same <em>Bloomberg</em> <a href="https://www.bloomberg.com/opinion/articles/2022-11-11/it-s-ok-to-save-for-a-house-down-payment-at-the-expense-of-retirement?=true&amp;sref=BRvilyBN">article</a> helps show the gap in wealth between renters and homeowners who are 65 years and older (<em>see graph below</em>). The difference is substantial, even when incomes are similar.</p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/07164903/the-wealth-disparity-for-older-americans-MEM.jpg"><img alt="Homeownership Is an Investment in Your Future | Simplifying The Market" class="aligncenter wp-image-47583" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/07164903/the-wealth-disparity-for-older-americans-MEM.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/07164903/the-wealth-disparity-for-older-americans-MEM.jpg 960w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/12/07164903/the-wealth-disparity-for-older-americans-MEM-400×300.jpg 400w" width="650"/></a></p>
<p>So, if you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. That’s because, whether you decide to rent or buy a home, you’ll have a monthly housing expense either way. The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?</p>
<h3><strong>Bottom Line</strong></h3>
<p>Before putting your homeownership plans on hold, let’s connect to go over your options. That way, you’ll have expert advice on how to make the best decision right now and the best investment in your future.</p>
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