In this Article...
In Charleston, owning a home can significantly boost your net worth compared to renting. According to Charlotte Lemon, a Realtor at Charleston Home, homeownership builds equity as you pay down your mortgage and property values increase, making a homeowner's net worth nearly 40 times greater than a renter's.
The Big Difference Between a Homeowner’s and a Renter’s Net Worth
Some Highlights
- Homeownership is one of the best ways to build wealth in our country and it’s easy to see why.
- As you pay down your mortgage and as home values rise over time, you gain equity – and that helps grow your net worth. That’s why a homeowner’s net worth is nearly 40X greater than a renters.
- But you should only buy a home when you’re ready and able to do it. If you want to build a plan to get there, connect with a local agent.
