![]() There is, however, another financial advantage to owning a home that’s often forgotten in the analysis – the wealth built through equity when you own a home. Odeta Kushi, Deputy Chief Economist for First American, discusses this point in a recent blog post. She explains:
What has this equity piece meant to homeowners in the past?ATTOM Data Solutions, the curator of one of the nation’s premier property databases, just analyzed the typical home-price gain owners nationwide enjoyed when they sold their homes. Here’s a breakdown of their findings: CoreLogic, another property data curator, also weighed in on the subject. According to their latest Homeowner Equity Insights Report, the average homeowner gained $17,000 in equity in just the last year alone. What does the future look like for homeowners when it comes to equity?Here are the seven major home price appreciation forecasts for 2021: Bottom LineAs you make your plans for the coming year, be sure to consider the equity benefits of home price appreciation as you weigh the financial advantages of buying over renting. When you do, you may find this is the perfect time to jump into homeownership. |