The average price of a house in the US is now well over $100,000, and not many people would be able to find such a huge sum hidden under the mattress. This means that the majority of us have to borrow to buy our home, and usually this means taking out a mortgage.
Don’t Want To Be In Debt?
Debt is now a fact of life for all but the most fortunate of us – whether that means a small overdraft or a large mortgage. Thankfully this no longer carries the stigma of yesteryear, and as long as you properly manage your debts there should be no reason to worry about owing money. In fact, having a mortgage will improve your credit and help to convince your bank manager that you are financially sound!
Save Money By Buying A House?
Often mortgage repayments can work out cheaper than paying rent, and you’ll have the added security of owning your own property. Given normal economic conditions, the value of your property is likely to rise while you live in it, which means that taking out a mortgage is one of the most common ways to invest money. Property continues to accrue value while other assets can decrease in worth – provided your house is kept in good repair and is structurally sound!
The national averages for several decades running are still looking the same....
Owning a home is still the best way to build wealth, stability, and a long term nest egg, as well as the single largest tax write-off most of us are likely to have in our entire lives.
