Would you like to have added $15,000 in wealth during 2017? According to a recent report by CoreLogic, that was the average amount by which homeowners increased house-related wealth from the last quarter of 2016 through the end of 2017. In another staggering figure, the national increase in household wealth cumulatively was $908 billion, representing 12.2% growth from the prior year.
We would all like a place to call home, of course, but reports like this show the absolute financial gain of owning a home versus renting. CoreLogic chief economist Frank Nothaft also noted that homeownership positively impacts the nation’s economy, stating, “Because wealth gains spur additional consumer purchases, the rise in home-equity wealth during 2017 should add more than $50 billion to U.S. consumption spending over the next two to three years.”
Requiring a large down payment is a common misconception about purchasing a home, and it is a myth we want to bust. At Homeowners Financial Group. we have numerous low down payment products, and even access to down payment assistance (DPA) programs through partnerships with state and local agencies. If you are interested in seeing the financial gain of owning versus renting, please contact a Licensed Mortgage Professional at a Homeowners Financial Group location near you.