The financial benefits of buying a home as compared to
renting one are always up for debate. However, one element of the equation is
often ignored – the ability to build wealth as a homeowner.

Most experts are calling for home prices to continue
appreciating over the next several years. The most recent Home Price
Expectation Survey, a survey of over one hundred economists, real estate
experts, and investment and market strategists, expects home appreciation to
increase as follows:

·        
2021: 6%

·        
2022: 4.5%

·        
2023: 4%

·        
2024: 3.6%

·        
2025: 3.5%

Using their annual projections, the graph below shows the
equity build-up a purchaser could earn, using a $350,000 home as an example:

A homeowner could increase their net worth by over $80,000
in five years. That’s an average of $16,000 annually. That number should be in
any equation determining the financial benefits of owning a home compared to
renting.

Bottom Line

Homeowners are going to make a substantial amount of money
in home equity over the next five years. If you’re ready to buy a home, let’s
connect so you can enjoy this great benefit as well.

Source: Real Estate with Keeping Current Matters