3 Ways Homeownership Can Build Wealth

Homeownership offers significant financial advantages, with homeowners experiencing an average wealth increase of 1,469% compared to renters, excluding home equity. Selling a home allows homeowners to benefit from accumulated equity, even if the mortgage is not fully paid off, resulting in a variable monetary return based on ownership duration and mortgage type. Paying off a mortgage completely leads to a mortgage-free lifestyle, reducing living costs and providing support for a comfortable retirement. To navigate the homebuying process effectively, it’s crucial to consider factors such as down-payment requirements, financing options, and price range based on debt-to-income capabilities, enabling informed decisions and avoiding costly mistakes.

The full text of  3 ways Homeownership can build wealth  can be found online at : https://www.forbes.com/sites/forbesfinancecouncil/2022/08/03/three-ways-homeownership-can-build-wealth/?sh=448e7da523e5