Benefits of Home Ownership

One of the benefits of homeownership is that it is a “forced savings plan.”
Recently, CoreLogic revealed that the average homeowner gained more than $65,000 in equity over the last 5 years. The number of homeowners that currently have at least 50% equity in their home is astonishing.
According to the Urban Institute, 37.1% of all homes in the country are mortgage-free.
In a home equity study, ATTOM Data Solutions revealed that of the 62.9% of homes with a mortgage, 25.6% have at least 50% equity.

We can see that 53.2% of all homes in this country have at least 50% equity right now.
Of all homes, 37.1% are mortgage-free and an additional 16.1% with a mortgage have at least 50% equity.

Homeownership is different than renting. When you own, your housing expense (the mortgage payment) comes back to you in the form of equity in your home. That doesn’t happen with your rent payment. Your rent helps build your landlord’s equity instead.

Images via KeepingCurrentMatters.com