It is an empirical fact that on average, homeowners have a higher net worth than those who rent.
Home ownership is a major part of the American dream. It increases
community, creates stability for raising a family, and gives you the
warm and fuzzies inside your heart when you gaze out onto your half-acre
empire.
But don't for one second think that home ownership is all sunshine,
rainbows, and ice cream sandwiches. There are serious trade-offs that
you should know, understand, and accept before signing on the dotted
line.
1. Mortgage debt -- a marriage you can't divorceAccording to the Census Bureau,
the average home price in 2010 was $272,900. A traditional mortgage
will finance 80% of that, or just over $218,000. At the same time, the Census Bureau also reported that median household income in the U.S. was just over $51,000.
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