In today's fast-paced society, social media makes it easy for everyone to say what they want almost in an instant. While this has been great, especially for those living faraway from each other, some people get depressed since it has become a norm to compare other people's achievements versus our own. One of the things often seen in social platforms is people living off happily and enjoying financial freedom.
Financial Freedom
People don't just live off from air, food, and water. There is so much more than just existing. A sense of purpose is important in order to have a drive to survive every day. People can't just work because they need to, they must also have something to look forward to at the end of the day. A good example is financial freedom. Many people want to have financial stability, particularly these days when inflation rates are unpredictable.
Although financial stability doesn't happen overnight, there are steps that can be taken in order to achieve it. One way is by looking into owning a home.
Why Owning A Home Is Important
Owning a home is an important ingredient when it comes to financial success. According to the National Association of Realtors (NAR), in 2021, the net worth of a renter was $8,000, while the net worth of a homeowner was about $300,000 - approximately 40 times higher than a renter's. This alone shows that homeownership is key in building wealth.
How Homeownership Builds Net Worth
People who own homes build equity. This is because homes appreciate in value over time. When you get a home, you pay for its mortgage every month, but eventually, that amount is compensated by its value. On the other hand, when people pay their rent, they don't get any returns. This is why owning a home provides more opportunities to those seeking financial freedom.
Although there's no single pill that one can take in order to achieve success, homeownership has been proven time and time again as something that can help people improve their net worth. If you are in the process of buying a home today, don't forget to celebrate those steps. Big or small, your financial milestones are always worth looking forward to.
If you or anyone you know would like to know more about the home buying process, feel free to reach out to us, so we can help you achieve your dream of financial freedom through homeownership.
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