The Joint Center for Housing Studies at Harvard University surveys homeowners and renters and studies their answers. Here are the top six reasons people purchased a house, according to the survey:
1. To raise children. When getting ready to purchase a home, many people take into consideration the neighborhood and school district — even if they don’t have children yet.
2. To call it home. To own your own space and to call it home is another reason people purchase .
3. To have more space. If you want to expand your family, or if an older member is moving in, having a home with more space can fit your family and their needs.
4. To have control over your space. Renting an apartment doesn’t give you space — especially if you want to knock down a wall or get a pet. When you own your home, you have the ability to decorate and re-decorate as many times as you want. Plus, you can finally get the puppy you’ve always wanted.
5. To build wealth. Because you own your home, you are paying your mortgage every month, which means you are putting money into your home. The Federal Reserve conducted the Survey of Consumer Finances and found that the average net worth of a homeowner ($194,500) is 36x greater than that of a renter ($5,400).
6. To save money. As rents continue to rise, in many cases, it’s more affordable to buy a house. Interest rates are still low, making your monthly payments lower than rent in most cases. When you lock in on a fixed mortgage rate, your monthly payments will never increase.
When you’re ready to purchase a house, contact a Shorewest Agent today!
Categories: Home Buying