|By Marietta Rodriguez |
Programs & Lending
The boom and bust of the housing industry in recent years has fueled doubt about the value of homeownership and caused many to re-examine the long-held belief that homeownership is a viable path to a stable and successful financial future.
In a recent report, our network member, Homewise, makes a strong argument that homeownership is still a smart choice, and that current market conditions offer an unprecedented opportunity for Americans to advance to economic ladder. According to their research, the typical homeowner purchasing a $200,000 home today, will amass nearly $500,000 dollars more than a renter over a 30 year period. Homeownership also provides important non-economic benefits, like stability and security, which are important for personal happiness, child development and family unity.
However, for the benefits of homeownership to be fully realized, the purchase must be sustainable and must be a good fit for the personal and financial needs of the buyer. The buyer’s stage of life must also be considered. For example, younger buyers must weigh the financial advantages of homeownership against the risks of needing to quickly relocate to pursue a job opportunity.
To read Homewise’s recent reports on homeownership, click here.
To find a homeownership counselor, visit www.nw.org.