The benefits of being a homeowner vs. renting are many:
- Building equity (ownership) in a desirable asset
- The ability to do what you want in your home (you can paint a room purple if you’d like! Please note that if you want to sell soon, I’m going to request it go back to a neutral color! LOL)
- Tax benefits – homeowners are allowed to deduct mortgage interest as well as property taxes when filing
- Mortgage payments stay the same and rent rises – as long as you have a fixed-rate mortgage, your payment will stay relatively the same every year (this does get adjusted somewhat if you escrow for taxes)
Now you’re asking…what’s with the “82,338 Great Reasons to Buy a Home Now” tagline? Where’s that info? Here you go!
The most recent Home Price Expectation Survey from over 100 economists, Realtors, investment and market strategists, expect home values to appreciate as follows:
- 2021 – 6%
- 2022 – 4.5%
- 2023 – 4%
- 2024 – 3.6%
- 2025 – 3.5%
If we take a look at their annual projections with regard to a home that is purchased at $350,000 – that same home would cost $432,338 in January of 2026! A $82,338 projected appreciation in 5 years!
As I’m sure you noted, the appreciation is expected to slow from this crazy frenzy we are currently experiencing. However, these projected appreciation values are more typical of what we’d see in a “regular” market. Every indication is the housing market will continue to remain strong and buying a home is still a great investment in your time and money for many years to come!