Knowing This Could Make the Difference Between Renting and Owning a Home

One of the biggest misconceptions for renters is the amount of down payment needed. Only 11% realize that a home could be purchased with just 5% down (actually only 3% as a first time homebuyer with decent credit), and about 45% believe that a down payment of around 20% is needed. This is according to the latest survey from the National Association of Realtors.

Two-thirds of millennial renters say they don’t have enough saved for a down payment, but that's because many felt they needed to save 20%.
This is the biggest misconception out there. Truth is, you only need 3% down to purchase a home.

If you are renting, you are getting left behind. The average homeowner has a net worth 40 times higher than that of a renter. A recent study said that the median priced home gained $190,000 in appreciation over the past 10 years. Many millennials are already seeing this. For the first time ever, 50% of millennials are now homeowners.

Rents will likely continue to rise! Don’t miss your chance to start building wealth through homeownership. Reach out to me and get started today.
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