Key Colony Beach, Near Marathon Airport Florida Keys

Why Rent, Own your Dream home in Florida Keys 305-395-0814

Why Rent, Own your Dream home in Florida Keys 305-395-0814

 

 “As a means to building wealth, there is no practical substitute for homeownership.” If you are a renter who is considering making a purchase, sit with a local real estate professional who can explain the benefits of signing a contract to purchase over renewing your lease!

 

The housing market has made a strong recovery, not only in sales and prices, but also in the confidence of consumers and experts as an investment. In a New York Timeseditorial entitled, Homeownership and Wealth Creation” they explain:

“Homeownership long has been central to Americans’ ability to amass wealth; even with the substantial decline in wealth after the housing bust, the net worth of homeowners over time has significantly outpaced that of renters, who tend as a group to accumulate little if any wealth.”

Many of the points that were made in the article are on track with the research that theFederal Reserve has also conducted in their Survey of Consumer Finances.

The study found that the average net worth of a homeowner ($194,500) is 36x greater than that of a renter ($5,400).

The National Association of Realtors (NAR) expanded on the Federal Reserve’s research and projected that by the end of 2015, the average homeowner will have nearly 41x the net worth of a renter. Their findings are detailed in the graph below:



One reason for this large discrepancy in net worth is the concept of ‘forced savings’ created by having a mortgage payment and was explained by the Times:

“Homeownership requires potential buyers to save for a down payment, and forces them to continue to save by paying down a portion of the mortgage principal each month.”

“Even in instances where renters have excess cash, saving a substantial amount is difficult without a near-term goal, like a down payment. It is also difficult to systematically invest each month in stocks, bonds or other assets without being compelled to do so.”  

Bottom Line

“As a means to building wealth, there is no practical substitute for homeownership.” If you are a renter who is considering making a purchase, sit with a local real estate professional who can explain the benefits of signing a contract to purchase over renewing your lease!
KCM report 

Cell 305-395-0814
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Coldwell Banker Schmitt
International President's Circle 
Author/Realtor
11050 Overseas Highway
Marathon, Fl 33050

 

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Remember ---what you think about, you talk about, you bring about. Don't! keep me a secret..Right Now, take out your cell phone, look up my number  305-395-0814  and give me a call, Have the best day of your life

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Lela Ashkarian, PA, CRS, GRI, e-PRO

Coldwell Banker Schmitt Real Estate

International President's Circle

11050 Overseas Highway

Marathon, Fl 33050

305-395-0814

lela@coldwellbanker.com

 
P.S.My Purpose is for you to be so outrageously happy with the help I provide you that you'll gladly introduce me to at least two people you really care about before I even sell your home/help you buy a new home.  Not because you feel obligated, but because you truly believe they will benefit.

 

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Comment balloon 0 commentsLilas "Lela" Ashkarian • August 31 2015 09:40AM
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