Wealth vs Income
Money earned to pay expenses
The difference between assets (cash, savings, a home, a business) and debt.
The longer you own a home, the more equity is built (the difference between the purchase price and/or the value of a home and the difference between the original mortgage and the balance owed).
A homeowner can sell a home as an asset. A renter cannot sell property rented from and owned by another person.
A child born into a wealthy family is six times more likely to become a wealthy adult and homeownership has long been a central part of this equation.
In 2015, the average net worth of a homeowner was $195,400 compared to $5,400 for a renter.
You can't afford NOT to buy a home. Prioritize the essentials. 1/3 of consumer purchases is on clothing, electronics, cars and jewelry which depreciate leaving the sales floor. Pay yourself or pay your Landlord!
Your loan payment to OWN your home is between $275 to $550 per month.