Homeownership in Charleston Is Full of Financial Benefits

Posted By Shawn Pillion @ Apr 8th 2021 10:53am In: Buyer Info

A Fannie Mae survey recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today’s Charleston power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents:

88% – a better chance of saving for retirement
87% – the best investment plan
85% – the chance to be better off financially
85% – the chance to build up wealth
 Charleston Equity Gap

The above graph only includes data through 2019, but according to CoreLogic, the equity held by homeowners grew by $26,300 over the last twelve months alone. And in the Charleston Real Estate Market, many homeowner's equity grew even more than that in the last year. That means the gap between the net worth of homeowners and renters has probably widened even further over the last year.

Some might argue the difference in net worth may be due to homeowners normally having larger incomes than renters and therefore the ability to save more money. However, a study by First American shows homeowners have greater net worth than renters regardless of their income level. Here are the findings:

 Charleston Net Worth by Income

***Bottom Line***
The idea of homeownership as a direct way to build your net worth has met the TEST OF TIME!

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819 Colony Drive
Charleston, SC

MLS# 21009066 - Residential

This one-of-a-kind stunningly elegant and luxurious home in Charleston, SC is now available! Enjoy the ultimate in modern conveniences and sophistication in this 4 bedroom, 4 bath river and marsh front home with extraordinary Ashley River views! No expense has been spared to build the most luxurious setting you can imagine. Totally renovated and gutted to the studs out with new roof, HVAC, plumbing and electric, and wired as a Smart Home, with Samsung smart internet appliances, and smart voice command color changing lighting. 12' ceilings on the main floor, $75K worth of custom cabinets throughout the home, custom fixtures and hardware, custom island slab in kitchen, and an over 1000 sq ft master bedroom suite with stunning views and a en suite you'll have to see to believe! The outdoor oasis includes a fully renovated pool with brand new pump and sitting pool. At high tide, you can canoe everywhere! The home is situated in Charleston County, so it would qualify for a short term rental permit, or rent long term for a quick return on your investment. Owner installed drainage system and grading to move water away from the home, and flood insurance is quite low relative to the location right on the marsh! There's a gorgeous and soothing 200 gallon fish tank at the entrance that can convey, or owner will remove. Owner has a quit claim deed on the point to the water that conveys, approved by the Army Corp of Engineers, bringing the total footprint of the lot to 1/2 acre. Just five minutes or less to downtown Charleston, walking distance to shops in Avondale, and close to everything Charleston has to offer, this home is the epitome of elegance, style and comfort. Seize the opportunity! Mark it as a favorite, and set your appointment to see it today!

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