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Owning a home<\/a> is a major financial milestone and an achievement to take pride in. One major reason: the equity<\/a> you build as a homeowner gives your net worth a big boost. And with high inflation<\/a> right now, the link between owning your home and building your wealth is especially important.<\/span><\/p>\n If you\u2019re looking to increase your financial security, here\u2019s why now could be a good time to start on your journey toward homeownership<\/a>.<\/p>\n A report<\/a> from the National Association of Realtors <\/em>(NAR) details several homeownership trends, including a significant gap in net worth between homeowners and renters. <\/em>It finds:<\/p>\n \u201c. . . the net worth of a homeowner was about $300,000 while that of a renter\u2019s was $8,000 in 2021.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n To put that into perspective, the average homeowner\u2019s net worth is roughly 40 times that of a renter\u2019s<\/strong>. This difference shows owning a home is a key step in achieving financial success.<\/p>\n The net worth gap between owners and renters exists in large part because homeowners build equity. When you own a home, your equity grows as your home appreciates in value<\/a> and you make your mortgage payments each month. As a renter<\/a>, you don\u2019t have that same opportunity. A recent article from CNET<\/em> explains<\/a>:<\/p>\n \u201cHomeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you\u2019re building equity in your home<\/strong> . . .<\/em> When you rent, you aren\u2019t investing in your financial future the same way you are when you\u2019re paying off a mortgage.\u201d<\/em><\/p>\n<\/blockquote>\n But on top of that, your home equity grows even more as your home appreciates<\/a> in value over time. That has a major impact on the wealth you build, as a recent article from Bankrate<\/em> notes<\/a>:<\/p>\n \u201cBuilding home equity can help you increase your wealth over time, . . . A home is one of the only assets that have the potential to appreciate in value as you pay it down<\/strong><\/em>.\u201d<\/p>\n<\/blockquote>\n In other words, when you own your home, you have the advantage of your mortgage payment acting as a contribution to a forced savings account that grows in value<\/a> as your home does. And when you sell, any equity<\/a> you\u2019ve built up comes back to you. As a renter, you\u2019ll never see a return on the money you pay out in rent every month.<\/strong><\/p>\n Owning a home is an important part of building your net worth. If you\u2019re ready to start on your journey to homeownership, let\u2019s connect today.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":" Owning a home is a major financial milestone and an achievement to take pride in. One major reason: the equity you build as a homeowner gives your net worth a big boost. And with high inflation right now, the link between owning your home and building your wealth is especially important. If you\u2019re looking to […]<\/p>\n","protected":false},"author":1,"featured_media":3295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-3294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2022\/09\/20220906-KCM-Share-549x300-1.jpg?fit=549%2C300&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pdz2Zu-R8","_links":{"self":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/3294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/comments?post=3294"}],"version-history":[{"count":0,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/3294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media\/3295"}],"wp:attachment":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media?parent=3294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/categories?post=3294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/tags?post=3294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Owning a Home Is a Key Ingredient for Financial Success<\/strong><\/h4>\n
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Equity Gains Can Substantially Boost a Homeowner\u2019s Net Worth<\/strong><\/h4>\n
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Bottom Line<\/strong><\/h3>\n