A Proven Path to Generational Wealth
If you’re looking to build generational wealth and secure your family’s financial future, real estate is a proven path to get there. Real estate continues to be, thelargest asset class in the world. It accounts for two-thirds of global net worth. In the U.S. alone, housing stock is worth approximately $43.4 trillion (source Mckinsey)
Real estate has long been known as one of the best ways to create wealth and security, and the facts back it up. The home ownership rate in the country is around 65% showing that the majority of Americans still believe in the dream of home ownership. According to the Urban Institute, real estate has been the foundation of wealth for generations, with the median net worth of American families at nearly $300,000 in 2019. Of that, a full 80% is attributed to homeownership. Given the tremendous house appreciation of the past couple of years, the median networth has increased.
Research from the National Association of Realtors (NAR) shows that homeowners are five times more likely to have higher net worth than renters. This is because with homeownership comes the potential to increase your wealth through equity gains, appreciation, and tax deductions. Take a look at the image below which shows household wealth of renters vs owners.
But it's not just about wealth building.
Homeownership also provides stability and allows you to put down roots. Owning your own home gives you the freedom to build your life in one place, without worrying about rent increases or landlords. It also gives you the opportunity to build a community and create lasting relationships with your neighbors.
If you are thinking of buying a home, the upfront costs of homeownership can be intimidating, but there are a number of low and no down payment programs and grants available to help make it more affordable. The Federal Housing Administration (FHA) offers a variety of loan options for first-time homebuyers, and state and local governments often offer down payment assistance and other initiatives to help make homeownership more accessible. To find out more, set up a free consultation to talk about your plans and find out your options.
You can book a free call here: https://calendly.com/liz-schuyler
Real estate is truly the foundation of generational wealth. With the right strategies and guidance, anyone can build a secure financial future through respnsible homeownership!
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