Why Owning a Home Is Worth It in the Long Run

<article class="post-1292545 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1292545"><span class="entry-date">December 5, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Why Owning a Home Is Worth It in the Long Run</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=Why+Owning+a+Home+Is+Worth+It+in+the+Long+Run&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-owning-a-home-is-worth-it-in-the-long-run%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/why-owning-a-home-is-worth-it-in-the-long-run/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-owning-a-home-is-worth-it-in-the-long-run%2F&amp;src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-owning-a-home-is-worth-it-in-the-long-run%2F&amp;description=Why+Owning+a+Home+Is+Worth+It+in+the+Long+Run" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&amp;url=https://gilliggroup.com/blog/why-owning-a-home-is-worth-it-in-the-long-run/?shareSlug%3Dwhy-owning-a-home-is-worth-it-in-the-long-run" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: Why Owning a Home Is Worth It in the Long Run&amp;body=Why Owning a Home Is Worth It in the Long Run%0D%0Dhttps://gilliggroup.com/blog/why-owning-a-home-is-worth-it-in-the-long-run/" target="_blank"><span class="force-hidden">Email</span></a>
</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Why Owning a Home Is Worth It in the Long Run Simplifying The Market" decoding="async" loading="lazy" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241202/20241205-Why-Owning-a-Home-Is-Worth-It-in-the-Long-Run-original.png" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>Today’s mortgage rates and home prices may have you second-guessing whether it’s still a good idea to buy a home right now. While market factors are definitely important, there’s also a bigger picture to consider: the long-term benefits of homeownership. </p>
<p>Think of it this way. If you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. That’s because over time, home values usually grow – and that means a homeowner’s <a href="https://www.simplifyingthemarket.com/2024/11/15/the-big-difference-between-renter-and-homeowner-net-worth-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">net worth</a> does too. Here’s a look at how that can really add up over the years.</p>
<h4><strong>Home Price Growth over Time</strong></h4>
<p>The map below uses <a href="https://www.fhfa.gov/sites/default/files/2024-11/HPI_2024Q3.pdf" rel="noopener noreferrer" target="_blank">data</a> from the <em>Federal Housing Finance Agency</em> (FHFA) to show how much prices have grown over the last five years. Since home prices vary by area, the map is broken out regionally to really showcase larger market trends:</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241202/20241205-Percent-Change-in-Home-Prices-over-5-years-original.png" rel="noopener noreferrer" target="_blank"><img alt="a map of the united states" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241202/20241205-Percent-Change-in-Home-Prices-over-5-years-original.png"/></a></p>
<p><strong>You can see that nationally, home prices increased by over 57% in just five years.</strong></p>
<p>Some regions are slightly above or below that average, but overall, home prices saw a big uptick in a short time. And if you zoom out even more, <a href="https://www.simplifyingthemarket.com/2024/11/07/renting-vs-buying-the-net-worth-gap-you-need-to-see/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">the benefit of homeownership</a> — and the drastic gains homeowners made over the years — become even more clear <em>(see map below)</em>:</p>
<p><strong><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241202/20241205-Percent-Change-in-Home-Prices-Since-1991-original.png"/>The second map shows that, over a roughly 30-year span, home prices appreciated by an average of more than 320% nationally.</strong></p>
<p>So the typical homeowner who bought a house about 30 years ago saw their home triple in value during that time. And that’s a major reason so many homeowners who bought their homes years ago are still happy with their decision today.</p>
<h3>Bottom Line</h3>
<p>There’s no denying today’s market is complex. But if you’re ready and able to buy right now, get in touch with an agent to talk through how you can still make your move happen. That way you can take advantage of the long-term advantages that come with homeownership, like your ability to build wealth as your home value rises.</p>
</div>
</div></article>