Home owners have a higher net worth
Owning a home is the wisest thing that that you can do to increase your net worth. In fact, people who own homes have a net worth 31 to 46 times that of a renter.1
When you own a home, your home’s value will increase over the years. This is called building equity. This is still true even though we are in a difficult financial situation. In 1981 homes in this area were selling for $60,000 and people thought they were too expensive. 29 years later through market recessions those same homes are now selling for $300,000.
If you’re renting, you can’t afford not to own a home. According to hotpads.com the median rent for a 3 bedroom home in Ontario is $1610. You can currently find a 3 bedroom home for $224,700 with a mortgage payment of $1470 (5.7% APR, 4.5%). 2
Pay yourself and not your landlord and watch your wealth increase. If you would like to explore how you can begin to increase your net worth through home ownership please email us or call us at (909) 391-1511.