Buying a home is a good financial decision according to the National Association of Realtors. Their 2017 National Housing Pulse Survey revealed 84% of Americans also now believe this to be true. This is the highest percentage since 2007 – before the historic housing crisis. Those surveyed pointed out five major reasons why they believe homeownership is a good financial decision:
- Homeownership means the money you spend on housing goes towards building equity, rather than to a landlord
- Homeownership creates the opportunity to pay off a mortgage and own your home by the time you retire
- Homeownership is an investment opportunity that builds long-term wealth and increases net worth
- Homeownership means a stable and predictable monthly mortgage payment
- Homeownership allows for various deductions on federal, state, and local income taxes
The survey also revealed that the majority of Americans strongly agree that homeownership helps create safe, secure, and stable environments. Buying a home also creates strong equity, which is vital to retirement planning and financial security.
Bottom Line of This Important Financial Decision
Homeownership has always been and still is a crucial part of the American Dream. It is possible to make that dream a reality if you know how it can benefit you and your family.
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