"Housing is a good investment, and owning a home makes great sense for a lot of current renters but many would-be homeowners are reluctant to take that first step, Given their experience with homebuyer concerns and insight into local markets, REALTORS can counsel consumers about their options and provide the information and support people need to begin their journey toward homeownership."

The Federal Reserve Board estimates that homeowners have a net worth of nearly 30 times more than that of renters. Over the past 10 years, the cost of rental housing in the United States has increased an average of 3 percent per year; average rents are projected to rise and keep rising foryears to come. With a 3 percent annual increase, a current rental payment of $1,000 per month would increase every year and amount to $137,567 after 10 years, with no wealth accumulation. In contrast, a $210,000 home purchased today with a downpayment of $10,000 and a 30 year fixed rate mortgage at 6.5% would cost a steady $1,100 per month and yield a net worth of $138,521 after 10 years, assuming a historic annual appreciation rate of 4.5%. "The decision to become a homeowner involves many factors, some financial, some personal and certainly emotional.

Thinking of buying a new home?

“homeownership is the perfect way to provide the kind of stable housing that progresses to a wide variety of household benefits and, by extension, social benefits for everyone.” Among those benefits:

• Higher educational performance and better behavior of children
  
• Lower community crime rates
  
• Lessened welfare dependency among households
  
• More household participation in civic affairs
  
• Better household health
  For information on you how can attain the dream of homeownership for the first time, or to move on up to that bigger next home, contact us.