The recent market boom has created a lot of new millionaires.
The number of millionaires who own real estate in the U.S. is growing. Right now, you’re hearing all the news about how the real estate market is on fire, interest rates are low , and buyers still outnumber sellers. Because of this, we’re seeing double-digit price increases in parts of the country and it’s creating a lot of millionaires.
Some people say that you should rent instead of own. However, if somebody bought a home in the last six or seven years, they’re doing much better than someone who has been renting. Households that own a home are wealthier than those that don’t because the equity in homes is appreciating rapidly.
Real estate is an asset. If you put money in every month, over time you’re going to have the value of that asset in your portfolio. Even if the market isn’t doing so well, your equity will increase over time. If you’re young and hearing people say that you shouldn’t own a home, look at anybody who has bought a home within the past decade and see how they’re doing now. If you want to be a millionaire, you should buy a home.
If you have any questions or real estate needs I can assist with, please reach out to me. I look forward to hearing from you.