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KAYE SWAINKAYE SWAIN

Kaye Swain Roseville REALTOR - Specializing in Over 55 Communities in Roseville CA Area

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One of the Top Reasons to Own a Home

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One of the Top Reasons to Own a Home | Simplifying The Market

One of the benefits of homeownership is that it is a “forced savings plan.” Here’s how it works: You make a mortgage payment each month. Part of that payment is applied to the principal balance of your mortgage. Each month you owe less on the home. The difference between the value of the home and what you owe is called equity.

If your home has appreciated since the time you purchased it, that increase in value also raises your equity. Over time, the equity in your home could be substantial. Recently, CoreLogic revealed that the average homeowner gained more than $65,000 in equity over the last 5 years.

Unlike last decade, homeowners are no longer foolishly tapping into that equity. In 2006-2008, many owners used their homes like an ATM by pulling equity out to purchase new cars, jet skis, or lavish vacations. They were pulling out cash (equity) from an appreciating asset, and then spending it on rapidly depreciating items. That is not happening anymore.

Over 50% of Homes Have at Least 50% Equity

The number of homeowners that currently have at least 50% equity in their home is astonishing. According to the Urban Institute, 37.1% of all homes in the country are mortgage-free. In a home equity study, ATTOM Data Solutions revealed that of the 62.9% of homes with a mortgage, 25.6% have at least 50% equity. That number has been increasing over the last five years:One of the Top Reasons to Own a Home | Simplifying The MarketBy doing a little math, we can see that 53.2% of all homes in this country have at least 50% equity right now. Of all homes, 37.1% are mortgage-free and an additional 16.1% with a mortgage have at least 50% equity.

Bottom Line

Homeownership is different than renting. When you own, your housing expense (the mortgage payment) comes back to you in the form of equity in your home. That doesn’t happen with your rent payment. Your rent helps build your landlord’s equity instead.

Posted in: Real Estate Info Tagged: real estate, Real Estate Market, real estate news

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Are you looking for homes for sale in Roseville CA and the surrounding area? I appreciate your stopping by and invite you to check out the various options available - from blog posts to inform you about this lovely Greater Sacramento Valley Area, to home searches you can set up - such as homes for sale Roseville, Lincoln, Rocklin, Granite Bay, Citrus Heights, Carmichael, Fair Oaks, etc, to fun real estate eye candy and more. And yes! This is true for residential neighborhoods, condo communities, and all of our lovely 55+ active senior retirement communities. If you have any questions about buying OR selling your home in Roseville or the surrounding Sacramento area, do give me a buzz at 916-768-0127 or email us at KayeSwainRE@gmail.com We're here to help you and your family with your real estate needs.

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Resources for Boomers and Seniors

  • Seniors First Resource Guide
  • John Palley,Attorney – Certified Specialist in Estate Planning, Trust and Probate Law – offers an excellent and free book you can download as a pdf – “How to Live & Die With California Probate.” (Scroll to the bottom of his page and click the photo of the book)

 

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Kaye Swain Roseville Real Estate Agent, 916-768-0127, KayeSwainRE@gmail.com, CalBRE#01966207, with Keller Williams Realty, 548 Gibson Drive, Suite 200, Roseville CA 95678, (Each office is independently owned and operated)

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