Buying A Home & Building Wealth
Here is a very powerful statistic for owning a home:
Renters have only a fraction of the net wealth of owners. Near the peak of the housing bubble in 2007, the median net wealth of homeowners was $234,600—about 46 times the $5,100 median for renters. Even if homeowner wealth fell back to 1995 levels, it would still be 27.5 times the median for renters.
Owning a home isn’t for everyone but there are pros and cons to both owning or renting so make sure you know what they are before buying.