{"id":1614,"date":"2021-04-08T13:03:27","date_gmt":"2021-04-08T13:03:27","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1614"},"modified":"2021-04-08T13:03:27","modified_gmt":"2021-04-08T13:03:27","slug":"homeownership-full-financial-benefits","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/homeownership-full-financial-benefits\/","title":{"rendered":"Homeownership Is Full of Financial Benefits"},"content":{"rendered":"<div id=\"attachment_1615\" style=\"width: 760px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-1615\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-1615\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/20210408-KCM-Share.jpeg\" alt=\"\" width=\"750\" height=\"410\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/20210408-KCM-Share.jpeg 750w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/20210408-KCM-Share-300x164.jpeg 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><p id=\"caption-attachment-1615\" class=\"wp-caption-text\">Homeownership Is Full of Financial Benefits<\/p><\/div>\n<p>A\u00a0<em>Fannie Mae<\/em>\u00a0<a title=\"survey\" href=\"https:\/\/www.fanniemae.com\/media\/38891\/display\" target=\"_blank\" rel=\"noopener noreferrer\">survey<\/a> recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today\u2019s power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents:<\/p>\n<ul>\n<li>88% \u2013 a better chance of saving for retirement<\/li>\n<li>87% \u2013 the best investment plan<\/li>\n<li>85% \u2013 the chance to be better off financially<\/li>\n<li>85% \u2013 the chance to build up wealth<\/li>\n<\/ul>\n<p>Additional financial advantages of homeownership included in the survey are having the best overall tax situation and being able to live within your budget.<\/p>\n<h4><strong>Does homeownership actually give you a better chance to build wealth?<\/strong><\/h4>\n<p>No one can question a person\u2019s unique feelings about the importance of homeownership. However, it\u2019s fair to ask if the numbers justify homeownership as a\u00a0<strong>financial<\/strong>\u00a0asset.<\/p>\n<p>Last fall, the\u00a0<em>Federal Reserve<\/em>\u00a0released the\u00a0<a title=\"Survey of Consumer Finances\" href=\"https:\/\/www.federalreserve.gov\/publications\/files\/scf20.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Survey of Consumer Finances<\/a>, a report done every three years, with the latest edition covering through 2019. Their findings confirmed that homeownership is a clear financial benefit. The survey found that\u00a0<strong>homeowners<\/strong>\u00a0<strong>have forty times higher net worth than renters<\/strong>\u00a0($255,000 for homeowners compared to $6,300 for renters).<\/p>\n<p>The difference in net worth between homeowners and renters has continued to grow. Here\u2019s a graph showing the results of the last four Fed surveys:<\/p>\n<div id=\"attachment_1616\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-1616\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-1616\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/kcm-infographic-1617886402.png\" alt=\"\" width=\"1000\" height=\"870\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/kcm-infographic-1617886402.png 1000w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/kcm-infographic-1617886402-300x261.png 300w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/kcm-infographic-1617886402-768x668.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><p id=\"caption-attachment-1616\" class=\"wp-caption-text\">The Gap in Net Worth is Widening<\/p><\/div>\n<p>The above graph only includes data through 2019, but according to\u00a0<em>CoreLogic<\/em>, the\u00a0<a title=\"equity\" href=\"https:\/\/www.corelogic.com\/insights-download\/homeowner-equity-report.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">equity<\/a>\u00a0held by homeowners grew by $26,300 over the last twelve months alone. That means the gap between the net worth of homeowners and renters has probably widened even further over the last year.<\/p>\n<p>Some might argue the difference in net worth may be due to homeowners normally having larger incomes than renters and therefore the ability to save more money. However, a\u00a0<a title=\"study\" href=\"https:\/\/blog.firstam.com\/economics\/homeownership-remains-strongly-linked-to-wealth-building\" target=\"_blank\" rel=\"noopener noreferrer\">study<\/a>\u00a0by\u00a0<em>First American<\/em>\u00a0shows homeowners have greater net worth than renters regardless of their income level. Here are the findings:<\/p>\n<div id=\"attachment_1617\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-1617\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-1617\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/kcm-infographic-1617886381-1.png\" alt=\"\" width=\"1000\" height=\"870\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/kcm-infographic-1617886381-1.png 1000w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/kcm-infographic-1617886381-1-300x261.png 300w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/04\/kcm-infographic-1617886381-1-768x668.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><p id=\"caption-attachment-1617\" class=\"wp-caption-text\">Net Worth Is Far Greater for Homeowners in Every Income Category<\/p><\/div>\n<article id=\"post-97782\" class=\"post-97782 post type-post status-publish format-standard has-post-thumbnail hentry category-first-time-home-buyers category-buyers category-rent-vs-buy\">\n<div class=\"entry-wrap\">\n<div class=\"entry-content content\">\n<p>Others may think homeowners are older and that\u2019s why they have a greater net worth. However, a\u00a0<em>Joint Center for Housing Studies of<\/em>\u00a0<em>Harvard University<\/em>\u00a0<a title=\"report\" href=\"https:\/\/www.jchs.harvard.edu\/sites\/default\/files\/reports\/files\/Harvard_JCHS_Housing_Americas_Older_Adults_2019.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a>\u00a0on homeowners and renters over the age of 65 reveals:<\/p>\n<blockquote><p><em>\u201cThe ability to build equity puts homeowners far ahead of renters in terms of household wealth\u2026the median owner age 65 and over had home equity of $143,500 and net wealth of $319,200. By comparison, the net wealth of the same-age renter was just $6,700.\u201d<\/em><\/p><\/blockquote>\n<p>Homeowners 65 and older have 47.6 times greater net worth than renters.<\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>The idea of homeownership as a direct way to build your net worth has met the test of time. Let\u2019s connect if you\u2019re ready to take steps toward becoming a homeowner.<\/p>\n<\/div>\n<\/div>\n<\/article>\n<p><strong>Contact us:<\/strong><br \/>\nPHP Houses<br \/>\n142 W Lakeview Ave<br \/>\nUnit 1030<br \/>\nLake Mary, FL 32746<br \/>\nPh:\u00a0<span id=\"gc-number-1\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 519-0719<\/span><br \/>\nFax:\u00a0<span id=\"gc-number-2\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 205-1951<\/span><br \/>\nemail:\u00a0info@phphouses.com<\/p>\n<p><strong>Let\u2019s Connect:<\/strong><br \/>\n<a href=\"https:\/\/www.facebook.com\/WeBuyHousesCentralFlorida\/\">Facebook<\/a><br \/>\n<a href=\"https:\/\/www.linkedin.com\/in\/walter-diloreto-25403710\/\">Linkedin<\/a><br \/>\n<a href=\"https:\/\/twitter.com\/WalterDiLoreto\">Twitter<\/a><br \/>\n<a href=\"https:\/\/www.instagram.com\/wdiloreto\/\">Instagram<\/a><\/p>\n<h6><em>THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Here are the top four financial benefits of owning a home according to consumer respondents. <a class=\"continue\" href=\"https:\/\/phphouses.com\/blog\/homeownership-full-financial-benefits\/\">Finish Reading<span> Homeownership Is Full of Financial Benefits<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,15,286,111,110,10,27,91,52,25,40,64,63,20,12,222,48,13,54,47,19,17,78],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1614"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1614"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1614\/revisions"}],"predecessor-version":[{"id":1618,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1614\/revisions\/1618"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}