March 6, 2019 rummy

Although it can be said that the amount of the benefits depend on where you live, the fact remains that there are many financial and non-financial reasons favoring homeownership. Non-Financial Benefits Educational Achievement: Homeownership has a positive impact on academic achievement, including reading and math performance in children 3-12 years old. Civic Participation: “Owning a home means owning a part of the neighborhood.” Homeowners have a stronger connection to their neighborhood and are more committed to volunteer. Health Benefits: Adjusting for a range of demographic, socioeconomic and housing-related characteristics, homeowners have a substantial health advantage over renters. Public Assistance: The…

February 28, 2019 rummy

A self-made Millionaire David Bach gave a piece of simple yet compelling advice to Millennials; “Don’t Get Stuck Renting A Home… Buy One!” plain and straight, Bach pointed out a common mistake a majority of millennials tend to make with their life decisions. In a CNBC article, self-made millionaire David Bach explained that: “The biggest mistake millennials are making is not buying their first home.” He goes on to say that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.” Bach went on to explain: “Homeowners are worth 40…

February 22, 2019 rummy

Statistics show that the majority of homebuyers last year were couples, this totally makes sense as the down payment is particularly easier to tackle when shared with a partner. According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2018 at 54% of all buyers. If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2018, while single men accounted for 10% of buyers. One recent article pointed to a sense of responsibility and commitment that drives many single women to…

February 20, 2019 rummy

We have discussed time and again the advantages of owning a home over renting, and not only has the majority of Americans agree to these, but surveys say the same things too. Money spent on a mortgage is money well spent and help build one’s financial wealth. For Americans approaching retirement age, one of the greatest benefits to homeownership is the added net worth they have been able to achieve simply by paying their mortgage! The Joint Center for Housing Studies at Harvard University focused on homeowners and renters over the age of 65. Their study revealed that the difference…

February 14, 2019 rummy

Would you rather pay rent so someone else can afford to pay the mortgage or buy your own home so all the money you spent on it monthly will leave you with something to call your own? As Entrepreneur Magazine, a premier source for small business explained in their article, “12 Practical Steps to Getting Rich”: “While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’e making someone else…

February 13, 2019 rummy

One of the biggest rock potential buyers face is saving up for the down payment, and the sad truth is a lot of Americans find it as a deterrent and just give up their dreams of buying a home of their own. The truth of the matter is, you don’t need 20% Down to buy a home. In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment! According to the “Barriers to Accessing Homeownership” study commissioned in…

February 6, 2019 rummy

One of the most common reasons preventing young Americans from owning a home is student loans. This is not necessarily a bad thing, on the contrary, it’s good to know the millennials know their priorities. Recent studies show that having a bachelor’s degree actually brings up the chance of a person becoming a homeowner. In a recent Forbes article, the author explained that “in just the class of 2017, the average student has about $40,000 in debt – almost enough for a 20% down payment on a median-priced home.” The Federal Reserve set out to determine exactly how much impact…

January 30, 2019 rummy

Buying brand new things is always a delight, but recent surveys show that when it comes to buying homes, not all people prefer brand new units. This is good news to all homeowners who are thinking of moving out or upgrading. According to a recent survey by Zillow, of the 38% of total buyers that added new construction to their list, only 11% ultimately purchased a newly constructed home! They added that 71% of these buyers are repeat buyers who are financially secure, with 45% using the money from the sale of their previous homes to make a purchase. Below…

January 29, 2019 rummy

Compared to previous generations, when we look at it from a percentage of income basis, Home prices today are still relatively cheaper than what our uncles and aunts and grandparents used to deal with. So if you’re planning on buying a home for yourself, now might be the best time to do it. The COST of a home is determined by three major components: price, mortgage interest rate, and wages. The big question? Are we paying a greater percentage of our income toward our monthly mortgage payment today than previous generations? Surprisingly, the answer is no. Historically, Americans have paid…

January 25, 2019 rummy

It may sound like a cliche but the truth of the matter is, starting young in terms of owning a home truly helps build up a person’s wealth and be financially secured for early retirement. Homeowners who purchase their homes before the age of 35 are better prepared for retirement at age 60, according to a new Urban Institute study. The organization surveyed adults who turned 60 or 61 between 2003 and 2015 for their data set. “Today’s older adults became homeowners at a younger age than today’s young adults. Half the older adults in our sample bought their first…