Why Owning a Home Is Worth It in the Long Run
December 11, 2024
Today’s mortgage rates and rising home prices might make you question if now is the right time to buy a home. While market trends are important, it’s crucial to look at the bigger picture: the long-term financial and personal benefits of homeownership.
Consider this: if you know someone who bought a home 5, 10, or even 30 years ago, it’s unlikely they regret their decision. Why? Because home values typically increase over time, significantly boosting a homeowner’s net worth. Here’s how the long-term financial benefits of homeownership can add up over the years.
Home Price Growth over Time
The map below, based on data from the Federal Housing Finance Agency (FHFA), highlights home price growth over the past five years. Since home prices differ by location, the map is divided into regions to clearly showcase key market trends and regional variations:
You can see that nationally, home prices increased by over 57% in just five years.
The second map shows that, over a roughly 30-year span, home prices appreciated by an average of more than 320% nationally.
Bottom Line
Today’s real estate market may be challenging, but if you’re ready to buy, let’s connect to explore your options and make your move a reality. By investing in a home now, you can start building long-term wealth as your property value appreciates over time, unlocking the many financial benefits of homeownership.
