Homeownership allows NoVA residents to start building equity and long-term wealth. It is a way to provide stability for households and a means of reinvesting wealth, into your own pocket. If you continue to rent, tossing more money out the window each year, you place yourself further from these benefits.
Believe it or not, Northern Virginia homeowners also have the ability to save money each month by investing in a home instead of a rental.
A new report on the local DC area real estate market found that renters spend roughly 27 percent of their income on their housing payment each month where homeowners spend around 17 percent of their income.
Homeowners gain an advantage not only because of the "forced savings" each month, but due to the growing equity and wealth produced by this single asset.
Renters on the other hand, due to rising costs each year and the overall expenses of apartments in the DC area, are unable to save enough for a down payment and are pushed to continue on their current housing path.
But rest assured, first time homebuyers, not matter how you acquire the down payment, whether through family or friends, your investment is one you will not regret. You have a significant opportunity— given low mortgage rates and current housing prices—to better channel your monthly housing payment and watch your net worth build.
Prices and rates will only go up from here, so do not let this time in the real estate market pass you by! Give me a call today!
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.
Earle Whitmore
Long & Foster Real Estate, Inc.
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Visit Our Website
View Northern Virginia Homes for Sale
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Connect With Us On LinkedIn
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