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How Owning a Home can Increase Your Net Worth
September 09, 2019 at 12:41pm | Rima Rafeh
Building your wealth is more than just buying stocks and CDs. It even goes beyond having a savings account.
According to Jonathan Eggleston for Economist and Donald Hays for Survey Statistician, both researchers for the U.S Census Bureau revealed that “The biggest determinants of household wealth [are] owning a home and having a retirement account.” Of course, this is nothing new as often many experts agree that this is the case. This study supports those ideas, “Net worth is an important indicator of economic well-being and provides insights into a household’s economic health.” Owning a home is a great stepping stone in building your net worth. Providing equity for you and your family, growing generational wealth. As stated above, living in a home you own is a great start, having equity is even better. The bottom line is that if you do not own a home, get one, as put by John Paulson put, “If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”