Buying a home as compared to renting one’s financial benefits are always up for debate. But, one element of the equation is often ignored – the ability to build wealth as a homeowner.

A lot of experts are calling for home prices to continue appreciating over the next several years. For the most recent Home Price Expectation Survey, a survey of over one hundred economists, real estate experts, and investment and market strategists, expects home appreciation to increase as follows:

2021: 6%

2022: 4.5%

2023: 4%

2024: 3.6%

2025: 3.5%

Using their annual projections, the graph below shows the equity build-up a purchaser could earn, using a $350,000 home as an example:

With that, a homeowner could increase their net worth by over $80,000 in five years. Which is an average of $16,000 annually. That number should specifically be in any equation determining the financial benefits of owning a home as compared to renting one.

Bottom Line

Many homeowners are going to make a substantial amount of money in home equity over the next five years. If you’re ready to buy a home, talk with My Tampa Agent today so you can enjoy this great benefit as well.

Thinking of Buying or Selling a Home?

TALK TO US