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People ask me all the time why I’m such a big advocate for homeownership. The answer is simple: I’ve seen firsthand what it can do for people over time.
A while back, I came across a study that really stuck with me. It showed that the average net worth of a homeowner is about $430,000, while that of a renter is closer to $10,000. That’s 43 times more.
Seeing those numbers put words to something I already knew from experience. I consider myself disciplined, but there’s no way I could have saved that kind of money month after month on my own. What changed everything was owning a home and letting time do the heavy lifting.
How homeownership builds wealth. The way I built wealth really came down to a couple of simple things. First, I owned a home and allowed appreciation to happen over time. Second, every month I was paying down the principal on my mortgage.
Those two things were happening at the same time. I was not trying to be an investor or make complicated moves. I was simply living in my home while the math worked in my favor.
That combination is why I believe homeownership is one of the quickest and most reliable ways for most people to build wealth. It’s also why I continue to encourage it, even when the market feels confusing or intimidating.
Getting your foot in the door matters more. If you’ve been renting and have never owned a home, you likely have more options than you realize. There are down payment assistance programs, such as FHA loans, that allow as little as 3.5% down, and even newer mortgage products being discussed, like 50-year mortgages.
Each program is different and caters to different situations that fit you. For more guidance, we have even created videos explaining why some options may not be the right fit.
However, what matters most is getting your foot in the door.
Once you own a home, you have choices. You can refinance later, trade up, make extra payments toward the principal, and adjust your strategy as your life and income change. None of those options exist if you never get started.
Why I encourage families to start earlier. This is also something I talk about with friends and family, especially when they ask about their kids. Getting into homeownership earlier gives you time to work for yourself.
The longer you own, the more appreciation and principal paydown compound together. That is a powerful advantage that renters simply do not have access to.
Homeownership is part of the American dream. It is one of the things that makes this country so unique and gives everyday people a real path to building long-term stability.
If you have questions, I’m always happy to talk. I can walk you through the programs that exist today and help you build a plan that fits where you are right now.
You can always reach out to us at (209) 834-2680 or at ron@homebuyersrealty.com or homefinder@homebuyersrealty.com.
There is no one-size-fits-all answer, but there is almost always a starting point. And once you do, you give yourself the chance to build something that renting simply cannot provide.
