The importance of Owning a Home
Let’s face it being a homeowner can be scary for some people. Being a first time home buyer is even worse. If your anything like me it took me 5 months to get the courage to get pre-approved so I could seriously start looking for homes. Note: In this market not knowing where you stand financially and NOT getting a pre-approval means you could miss out on your dream home. The following information is something you may not realize about the importance of home-ownership.
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016.
The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter. The median asking rent has been climbing CONSISTENTLY over the past 30 years!
By now you might be asking yourself many questions like: Can I purchase a home? What is my credit score? How do I start the home buying process? Where do I start?
The answer is to start by calling me, a full time Realtor®, to guide you smoothly through the first time home buying process. I work with trusted lenders that have fantastic first time home buyer programs, whether you are just graduating college, a first responder, veteran or rebuilding I’ll help you navigate the process.
If you have a credit score of 550 and do not qualify for a traditional loan then Divvy Homes may be able to help get your credit score up and you the ability to rent to own your home within 3 years!