ST. LOUIS AMERICAN — There are several perks to homeownership, many of which contribute to building wealth. Owning your home may be cheaper than renting in the long term if you have a mortgage with competitive rates; however, it’s important to keep in mind other home expenses, like insurance and taxes, when considering costs. Plus, since you own the home, that means you can build and tap into your equity for future expenses or profit when your home is sold.
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Homeownership is a key method for building generational wealth for many Americans. It can anchor families, support long-term financial stability, and fuel local economic growth. A home can be an appreciating asset, allowing homeowners to build equity and create a financial resource for their families for decades.
Greg Smith, a Community Home Lending Manager at Chase, explains how homeownership connects to building generational wealth. He discusses how owning a home can be more cost-effective than renting in the long term, despite expenses like insurance and taxes. He also highlights how monthly mortgage payments increase net worth by converting an expense into an asset, unlike renting.
Smith details home equity as the difference between a home’s market value and the outstanding mortgage balance. He explains that equity grows as the mortgage is paid down and the home’s value increases, offering financial benefits such as borrowing against it for various expenses or profiting from a sale. Read more to learn about the additional benefits of homeownership.
