Here’s why owning a home is still a great long-term investment.
Today, let’s explore the long-term benefits of homeownership. If you’re considering buying a home amidst concerns like higher mortgage rates and soaring home prices, it’s natural to wonder if it’s a wise choice. However, it’s crucial to look beyond these immediate factors.
“In a recent Fannie Mae survey, 76% of respondents viewed buying a home as a secure investment.”
You should consider the enduring advantages of owning a home. Over the years, you’ll find it challenging to encounter individuals who regret their decision to purchase a home five, ten, or even 30 years ago because of how home values appreciate over time, consequently building your wealth.
In a recent Fannie Mae survey, 76% of respondents viewed buying a home as a secure investment, and it also showed that home prices increased by an average of just over 57% in a five-year span. Also, in the East South Central region, where Kentucky is located, the average home price growth is 62.3%, which is excellent news for homeowners. Some regions may slightly differ from this average, but overall, home prices have shown strong growth in a short period. When we expand the timeframe even further, the advantages of homeownership become more evident.
Nationwide home price appreciation averaged over 290% over 30 years. In our region, it was 272.6%. This average reflects that homeowners who purchased a house 30 years ago have seen their home’s value nearly triple over that time, a significant reason why so many long-time homeowners remain content with their decision. Despite predictions of a housing market crash, it hasn’t materialized. In fact, experts anticipate that home prices will continue to rise for the foreseeable future.
If you’re questioning whether it’s still a good time to buy a home today, it’s essential to focus on the enduring benefits of homeownership when you embark on your home-buying journey. If you’re ready to start your home-buying journey, call or email me. I’m happy to help.
