There are a variety of benefits associated with owning a home. Most obvious is the opportunity for price appreciation.Mortgages can also act as an invisible, forced savings account. Amortizing
Why own a home?
Dated: December 31 2020
There are a variety of benefits associated with owning a home. Most obvious is the opportunity for price appreciation.
Mortgages can also act as an invisible, forced savings account. Amortizing mortgages were the primary form of wealth accumulation for America’s middle class over the past century. By steadily paying down principal while prices rose, people built equity.
There are also tax deductions for mortgage interest.
The Federal Housing Administration or FHA and GI Bill subsidized mortgages and made it easier to buy a home. This helped increase the national home ownership rate to 55% in 1950. And by 1970, it reached 63%.
Of course, monetary factors aren’t the only reason to buy a home. For many, owning a home also has experiential perks. These include a feeling of stability and freedom to make property improvements.
Anthony is US Navy Veteran , retired NYC Police Officer and business man. He is well versed in investment real estate with his years of purchasing rental homes. He is dedicated honest, trustworthy and....
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