NEWS: $8.2 Trillion of Wealth has been generated by U.S. Homeowners over the past 10 years
As the rising prices and appreciation of the housing market continues to be a hot topic of the recent days, this article shows how much homeowners have gained over the past decade.
It is commonly known that home ownership is one of the most relevant sources for building wealth amongst average families. Specially over the last decade, housing price appreciation has been increasing nonstop. However, it looks like the numbers are much higher than forecasted as show on a recent article by The World Property Journal.
The NAR’s chief economist, Lawrence Yun, states:
"Owning a home continues to be a proven method for building long-term wealth. Home values generally grow over time, so homeowners begin the wealth-building process as soon as they make a down payment and move to pay down their mortgage."
As the National Association of Realtors' president said, an increase in Homeownership across the the country will only bring positive outcomes to the overall market. So now the main focus is to implement ways to promote and create a more flexible affordability for those who are trying to buy a home.
"Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability," said NAR President Leslie Rouda Smith. "Now, we must focus on increasing access to safe, affordable housing and ensuring that more people can begin to amass and pass on the gains from homeownership."
This represents a huge opportunity for new real estate agents since there will be increasing number of home buyers.