Ann Arbor Michigan Real Estate: Homeownership Still Pays! Renters take note!
Homeownership is the backbone of the American Dream and guess what, it still pays to own your own home!
According to Robert Freedman of the National Association of Realtors magazine, Home-equity snapshots paint a bright picture for the nation and that recent analysis of Federal Reserve data by NAR shows that it is the smartest financial decision to own a home.
In comparison with renters, home owners have much greater household wealth. The Fed’s Survey of Consumer Finances showed that Owners’ wealth exceeds that of renters by a factor of 50-to-1. That is a median of $205,200 versus a median of $4,200. The main wealth difference between the two is home equity of course!
Even with current market conditions, for households who’ve owned their home only since 2003, home equity gains are the rule rather than the exception—and in some cases, equity gains have been significant!
For the complete article click here to see it in a downloadable PDF and here for the online version. See the graph below for a comparison between the top five equity increase markets and the bottom five.
Even if you do not own a home at present, it could be the best opportunity to buy now and make some real equity gains. If you are a first time homebuyer there are some great incentives for you to buy at present!
Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs.
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June 8th, 2009 at 10:34 PM
[...] combination of factors, including record low mortgage interest rates and the first-time buyer tax credit boosted sales for the third consecutive month! The Pending Home [...]