To many people, building your net worth means playing the stock market, buying CDs, or opening a savings account; however, a recent survey by Economist Jonathan Eggleston and Survey Statistician Donald Hays, both of the US Census Bureau, shared that owning a home and having a retirement account are actually the biggest determinants of wealth. This should not be surprising since we often discuss that home ownership can help you increase your wealth. The Census Bureau study confirms that,
“Net worth is an important indicator of economic well-being and provides insights into a household’s economic health.”
Increasing your home’s equity also helps move you toward financial growth. This not only applies to your primary residence, but also to any rental properties you might own. American investor and hedge fund managerAmerican investor and hedge fund manager John Paulson said it well,
“If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”
Owning a home has many financial and non-financial benefits. If you are interested in increasing your net worth through home ownership, contact us so we can discuss all the benefits!