We are often asked, “What is the future of home-ownership?” The recent Housing Pulse Survey by the National Association of Realtors showed that the top two significant reasons that Americans prefer owning instead of renting are:
- The desire to build long term equity
- The desire to raise their family in a safe and stable environment.
A recent article by The Mortgage Reports, was quoted:
“buying and owning a home is the essence of ‘The American Dream.’ Each month, your housing payments go toward owning your home instead of renting it; building your personal wealth and assets instead of someone else’s.
History has shown that homeownership is a clear path to wealth-building, with homeowners boasting a net worth [that is] multiples higher than the net worth of renters.”
Family Security and Stability
Does in fact owning your own home really create a more secure and stable environment for you and family?
A recent survey of property managers by rent.com showed the two reasons tenants are less stable with their housing arrangement:
- 68% of property managers think that average rents will rise in 2017 by 8%.
- 53% of property managers said that they were more likely to sign a lease with a new tenant than to negotiate and renew a lease with a current tenant.
It is obvious that these survey results show that renting will prove to be anything but a stable and secure environment in the coming years.
To sum it up!
We believe that in the future, Homeowners will enjoy a more stable and secure environment, while at the same time build their family’s net worth!