Investing in Homeownership in West Michigan: A Wise Financial Move

Amidst the discussions surrounding home prices and rising mortgage rates, West Michigan residents may question whether it is still a favorable time to invest in homeownership in West Michigan. However, a recent Gallup poll provides a resounding answer: YES. In fact, real estate has been voted as the best long-term investment for the 11th consecutive year, surpassing other investment options such as gold, stocks, and bonds (refer to the graph below).

For those contemplating the purchase of a home in West Michigan, take solace in this poll. Despite the current circumstances, Americans recognize that owning a home is a significant financial decision.

Why do residents in West Michigan maintain a positive outlook on homeownership?

Historically, investing in real estate has been a reliable long-term strategy for building wealth in America. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), affirms this sentiment, stating:

“Homeownership is a catalyst for wealth building, benefiting individuals from all walks of life. A monthly mortgage payment can be considered a forced savings account, contributing to a net worth approximately 40 times higher than that of a renter.”

This is because homeownership allows for the growth of net worth over time, as the value of the home appreciates and mortgage payments are made. Since accumulating wealth takes time, it is prudent to initiate the process at the earliest opportunity. Delaying a home purchase and continuing to rent means missing out on the opportunity for monthly housing payments to contribute to home equity.

Purchasing a home in West Michigan is a substantial decision, and it comes as no surprise that many people consider real estate as the ideal long-term investment. If you are prepared to embark on your journey towards homeownership, let’s connect today. Together, we can explore the exciting prospects available in the West Michigan housing market.