The Average Homeowner is 40x More Wealthy Than The Average Renter (Federal Reserve)

November 6, 2023 

Did you know that in 2022, the average net worth of a homeowner skyrocketed to a whopping $396,200, while the average net worth of a renter barely scratched the surface at $10,400? That means homeowners are 40x richer than renters. That’s not just a number; it’s a life-changing difference. Here are 5 additional reasons why buying is that much better than renting.

Owning a home has been a consistently strong investment for many.
Owning a home isn’t just a cozy nest; for many, it builds a nest egg. When you pay a mortgage, you’re investing in your future, not someone else’s pocket. Property values tend to increase over time, so when you decide to sell, you might just be looking at a handsome profit. It’s like having your cake and eating it too!

Owning a home creates freedom.
When you own your own home, you’re the boss! Say goodbye to strict landlords and hello to painting your walls neon green, if that’s your style. You have the power to customize your space exactly how you want it, making your home a true reflection of your personality.

Owning has emotional benefits.
Studies show that homeowners tend to be happier and healthier. Why? Well, when you own your home, you’re deeply rooted in your community. You build relationships with your neighbors, creating a sense of belonging and support. Plus, the feeling of coming back to your own space, your sanctuary, is priceless. It’s a mental health booster, a place where you can truly relax and unwind.

Owning a home can create tax benefits.
Homeownership can lead to substantial tax advantages. Mortgage interest, property taxes, and even some closing costs might be deductible. That often means more money in your pocket come tax season. Who doesn’t love saving some cash?

UQUAL can help you realize the homeownership dream.
Let’s face it, getting a home right now feels like its harder than ever before. That’s where we come in. UQUAL helps people every day improve their finances to get into a home. Whether you need to improve how much home you can afford or need to work on your credit, UQUAL’s coaches are standing by. Click here to sign up for a free consultation.