Despite current challenges, it's important to consider the long-term advantages of homeownership. People who bought homes years ago rarely regret their decision because home values tend to appreciate over time, increasing personal wealth. In fact, a Fannie Mae survey found that 70% of respondents view homeownership as a safe investment.
Home price appreciation has been significant in recent years. According to data from the Federal Housing Finance Agency (FHFA), home prices grew by over 56% nationwide in just five years. Even over a 30-year period, the average homeowner saw their home value appreciate by over 290%.
Contrary to predictions, home prices did not crash in late 2022, and they are already rebounding in many areas. Renting, on the other hand, offers no long-term financial benefits and often involves annual lease hikes.
Considering the remarkable long-term advantages, it's worth exploring homeownership. Connect with a real estate professional to start the conversation today.