6 Benefits of Home Ownership
There are tons of wonderful benefits of home ownership. Below are 6 benefits of home ownership. BENEFIT of HOME OWNERSHIP #1: HAPPINESS The feeling of owning your own home is unmatched. You can fix it up, make it your own, get a dog, or plant a tree if you want. Doesn’t that sound exciting BENEFIT of HOME OWNERSHIP […]
The 5 Greatest Benefits Of Home Ownership
Recently, Freddie Mac reported on the benefits of home ownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.” ONE: Home ownership can help you build equity over time. TWO: Your monthly payments will remain stable. THREE: You may have some tax benefits. FOUR: You can take pride in ownership. […]
How Much Tucson Home Can I Afford Based On Interest Rates
When buying a home in Tucson, Arizona consider the impact interest rates have on the affordability of homeownership. In 1985 interest rates were at 12.22%… to keep you mortgage payment below $1,000 a month you would have been able to afford a home that cost $95,550. If you compare 1985 to today… interest rates are […]
A Millennials Guide to Buying a Home in Tucson, Arizona
If you are a millennial in Tucson, Arizona and interested in home ownership reading the guide below about buying a home is worth the read. The Millennial Generation is the largest generation in United States history. According to the US Census Bureau: “[Millennials] born between 1982-2000, now number 83.1 million and represent more than one-quarter […]
The Impact of Home Ownership on Family Health
The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans: “Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the […]
How Long Do Most Families Stay in Their Home?
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost […]
Homeowner’s Net Worth Is 45x Greater Than A Renter’s
Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a Forbes article, the National […]
How Long Do Families Stay in a Home?
The National Association of Realtors (NAR) keeps historic data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average […]
Percentage of Homeownership by Decade and by State
There has been a lot of talk about the falling homeownership rate in the United States. In December 2004, the homeownership rate reached an all-time high of 69.4%, while the current rate is 62.9%. When comparing these two figures, there is some room for concern regarding the difference. However, today let’s shine some light on […]
Tucson Homeowner’s Net Worth is 45x Greater Than a Renter’s!
Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that in […]
The Top Reasons Why Americans Buy Homes
Last week, the inaugural “Home Buyer Insights Report” was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding home ownership. Consumer Lending Executive, D. Steve Boland, explained: “Home buyers today are motivated by both emotional and practical reasons. Nearly all want more space, but […]
Harvard: Why Owning A Home Makes Sense Financially
Harvard: Why Owning A Home Makes Sense Financially We have reported many times that the American Dream of homeownership is alive and well in Tucson, AZ! The personal reasons to own differ for each buyer, with many basic similarities. Eric Belsky, the Managing Director of the Joint Center of Housing Studies at Harvard University expanded on the top 5 financial […]
Obstacles to Home-ownership: Perceived or Real?
Obstacles to Home-ownership: Perceived or Real? Yesterday, we discussed the belief Americans have in homeownership and their desire to partake in this piece of the American Dream. We also discussed some of the obstacles preventing them from attaining that goal. However, studies have shown that that many of the obstacles mentioned are perceived, not real. […]
Homeownership Still Part of the American Dream
Homeownership Still Part of the American Dream The National Association of Realtors (NAR) just released the first edition of their Housing Opportunities and Market Experience Survey (H.O.M.E.). NAR explained that the report covers: “…core topics that will be tracked on a monthly basis such as views on housing as a good financial investment, whether homeownership […]
Rent vs. Buy: Either Way You’re Paying A Mortgage
Rent vs. Buy: Either Way You’re Paying A Mortgage There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage – either your mortgage or your landlord’s. […]
Millennials: What FICO Score is Needed to Buy a Home?
Millennials: What FICO Score is Needed to Buy a Home? In a recent article by the Wharton School of Business at the University of Pennsylvania, it was revealed that some Millennials are not looking to purchase a home simply because they don’t believe they can qualify for a mortgage. The article quoted Jessica Lautz, the National […]
Tucson Home Equity Matters A LOT… Just Ask Freddie Mac
Tucson Home Equity Matters A LOT… Just Ask Freddie Mac There are many reasons, both financial and non-financial, that homeownership remains an important part of the American Dream. One of the biggest reasons is the fact that it helps build family wealth. Recently, Freddie Mac wrote about the power of home equity. They explained: “In […]
In 2016 a Homeowner’s Net Worth Will Be 45x Greater Than a Renter
Did you know, in 2016 a Homeowner’s Net Worth Will Be 45x Greater Than a Renter? Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 […]
Here Come the Millennials Into Homeownership
Here Come the Millennials Into Homeownership Many have been wondering when the much anticipated move by Millennials’ into homeownership would actually take place. We know the belief in owning a home is there. According to a recent Merrill Lynch study, eighty one percent of Millennials believe “homeownership is an important part of the American Dream”. […]
The REAL Reasons to Buy a Home in Tucson, AZ
The REAL Reasons to Buy a Home in Tucson, AZ We often talk about the financial reasons why buying a home makes sense. But often, the emotional reasons are the more powerful, or compelling reasons. The Joint Center for Housing Studies at Harvard University performs a study every year surveying participants for the reasons that American’s feel is most important […]
Home Ownership: Most Valuable Tax “Loophole” Available Today!
Home Ownership Tax “Loophole” Best Gift From The Government Today! The government seems to spend its time finding ways to increase taxes… In 2013, income taxes for America’s top earners increased. And in last month’s State of the Union address, President Obama proposed capital gains tax increases among other changes. The only things certain in […]
HARVARDS 5 FINANCIAL REASONS TO BUY A HOME
HARVARDS 5 FINANCIAL REASONS TO BUY A HOME Eric Belsky is Managing Director of the Joint Center of Housing Studies at Harvard University. He also currently serves on the editorial board of the Journal of Housing Research and Housing Policy Debate. Last year, he released a paper on homeownership – The Dream Lives On: the Future of Homeownership in America. In […]
According to the New York Times Home Ownership is Best Way to Build Wealth!
The New York Times recently published an editorial entitled, “Homeownership and Wealth Creation.” The housing market has made a strong recovery, not only in sales and prices, but also in the confidence of consumers and experts as an investment. The article explains: Homeownership long has been central to Americans’ ability to amass wealth; even with the […]
Look For 2015 To Be A Booming Year For Tucson Real Estate
Look For 2015 To Be A Booming Year For Tucson Real Estate… Read on as to why The greatest number of foreclosures that occurred in Tucson was between 2007 and 2008. The greatest number of short sales that occurred in Tucson was in 2011. When some loses a home to foreclosure they cannot be approved for […]
Gallup Poll: Real Estate Best Long Term Investment
Gallup Poll Real Estate Best Long Term Investment The Gallup organization conducts an annual report entitled the Economy and Personal Finances Poll, which asks Americans to choose the best option for long-term investment. It was no surprise that real estate returned to the top position over other investment categories (gold, stocks/mutual funds, savings accounts/CDs and […]
Ben Bernanke Cant Get A Mortgage… Big Upside In Housing!
Ben Bernanke Cant Get A Mortgage Big Upside In Housing I recently tried to refinance my mortgage,” former Fed Chairman Ben Bernanke said last week, “and I was unsuccessful in doing so. – Ben Bernanke The audience laughed – but then he said “I’m not making that up.” What does it mean when Bernanke – […]
Did You Know A Homeowner’s Net Worth is 36x Greater Than A Renter?
Over the last six years, homeownership has lost some of its allure as a financial investment. As homeowners suffered through the housing bust, more and more began to question whether owning a home was truly a good way to build wealth. The Federal Reserve conducts a Survey of Consumer Finances, every three years, and just […]
Did you know buying a home in Tucson is 38% less expensive than renting?
In Trulia’s 2014 Rent vs. Buy Report, they explained that homeownership remains cheaper than renting throughout the 100 largest metro areas in the United States; ranging from an average of 5% in Honolulu, all the way to 66% in Detroit, and 38% Nationwide! The other interesting findings in the report include: Even though prices increased sharply […]
4 Reason To Buy a House in Tucson, AZ NOW!
Here are 4 great reasons to consider buying a home in Tucson, AZ now, instead of waiting. 1. Prices in Tucson, AZ Will Continue to Rise The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over […]
Interest Rates Are Predicted to Rise in 2015. Waiting to Buy Could Cost You Thousands!
Interest Rates Are Predicted to Rise in 2015! Waiting to Buy a Home Could Cost You Thousands! If you look at historic mortgage rates by decade in regards to how it equates to a monthly mortgage payment you can see we are at an all time low. If you look at a $200,000 principle and […]
To rent or buy in Tucson, AZ?
RENTING vs BUYING A HOME IN TUCSON, ARIZONA Owning your own home can bring financial rewards as well as pride. For many homeowners, the incentives for owning are financial. How many times have you heard renters say, “I’m tired of throwing my money out the window?” What home ownership means to you is a great […]