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Homeownership in Charleston Is Full of Financial Benefits

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

The Gap in Network is Widening

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:

Income Category

***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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