Everyone knows thesocial advantagesof home ownership. However, some question the financial benefits of owning a home. Three recent studies shed some light on the issue.
RealtyTracrecently released areportcomparing home price appreciation to wage growth over the last two years. The study revealed that home price appreciation has outpaced wage growth in 76% of U.S. housing markets during that time period. By how much? Here is a graph showing their findings:
And we all know the importance of home appreciation in determining the net wealth of most American families. Merrill Lynch just issued a report covering the issue. Their findings are shown here:
It obviously makes financial sense to be a homeowner.
But, does it make sense to buy now?
The survey companyPulsenomicsjust issued theirfindingson the cost of owning versus the cost of renting. They compared historical averages to the cost you can expect to pay today.
The cost of buying is far below historical averages. Renting is another story.
Author:Bethany Stalder Phone: 703-957-8762 Dated: April 20th 2015 Views: 6,327 About Bethany: Bethany Stalder is the co-owner of Fidelis Property Group, a veteran-owned real estate company dedic...
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Fidelis Property Group is a company founded on two simple principles: Loyalty to you, our client; and dedication to helping you find your perfect home in Northern Virginia. These principles are rooted in a culture instilled in our members while serving with the U.S. Marine Corps. We know what it means to serve, and we understand the challenges of relocating - so we dedicate ourselves to supporting you as you transition to a new home and community.
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"We started our house search about a year ago with a different agent from another company, but we could not find anything that worked at the time. Also, we didn't feel they were fighting for our best interest. A few months ago, we decided to start our search again and we found Mike when we went to see a home of our neighbor which he was the realtor. Since we met him we could tell he was passionate about his job and was 100% committed to his client. This is the kind of Realtor you want to work for you as a first time homebuyer like we were. He was 100% committed to find us the right home and when we finally did he fought for us. Furthermore, he has exeperince dealing with military families and VA loans which was a very important for us. Moreover, we wanted someone that knew the area and really had experience dealing with all the logistics of the process, how the market works and is extremely professional. Mike was and is the Realtor that conveys all of that and more. We could not be more happy. We highly recommend him to all our friends and family. He is truly the best! "