Homeowner Net Worth: Why owning a home still makes sense
Whenever there are major declines in the economy often the media and public in general start questioning value. A couple years ago, many in a panic sold off all their stocks in fear that they would lose everything. The Dow Jones Industrial Average has since gone from below 7,000 to just tapping the 12,000 mark earlier this month. While the housing market hasn't climbed as quickly as the stock market, it is hard to question
However despite the downtrodden outlook on the economy, some facts can't be disputed -- over the long haul, it is worth it to own a home.
According to National Association of Realtors the average homeowner has a net worth that is between 36 and 41 times greater than that of a renter. Homeowners on average had a net worth between $150,000 and $200,000, whereas a renter's net worth averaged around $5,000.
Estimates for 2010 show a decline when compared to 2007, there is no question; regardless, when compared to the anemic net worth of renters, it is hard to see the obvious choice. Have the past three years been the best years to have owned a home, probably not, but when you consider the alternative, it hard not to stay bullish on the side of buying.
For information on how you can go from renting in Morristown to becoming a Morristown home owner, visit my website buyer resources or reach out to me directly.
Thanks for reading,
Jeremy Gulish Keller Williams Towne Square Realty Cell: (908) 303-0926; Office: 908-766-0085; Fax: 908-766-2254 24 Claremont Road, Bernardsville , NJ 07924 Website: http://www.jeremygulishhomes.com/ Blog: openingdoorsnj.blogspot.com Facebook: jeremy.gulish Twitter: @jgulish Email: [email protected]