For a long time, homeownership was the exception and not the rule.
Farmers typically owned their own homes because they had to live on their land for operation. The Industrial Revolution was a pivotal time in history because urban dwellers started to own homes. Still, with this increase, less than half of all Americans were homeowners. It wasn’t until the 1950s we exceeded a fifty percent homeownership rate (55%). Since then, we have increased this rate by 10% (65.5% homeownership rate in 2021). Homeownership is one of the most significant investments we make in our lifetime. It leads to considerable wealth gains over time too. According to the National Association of Realtors study, the typical homeowner accumulated $176,123 in home equity in 10 years on a median-priced single-family home. Over 30 years, the wealth gain increased to over three hundred thousand ($307, 979).
When we are all experiencing inflation and are experiencing challenges in the market, there is a great incentive to prioritize your investment in real estate. The return on investment when purchasing a home is extensive, and it is the one purchase that leads to generational wealth.
There are a variety of ways you can invest in real estate. We recommend exploring your options but begin taking the steps now to achieve this.
- Buy an existing home. You can buy a home by selecting from the existing inventory. Work with your real estate professional to assess the current market offerings and choose a price range that is budget friendly for your household.
- Build new. You can purchase a newly constructed home and be an active decision maker throughout the building process to select colors, floorplan, lot, and more.
- Buy land. You may not be interested in buying a home at the moment and care more about having the right location for your future home. Consider buying the land now and then explore options for building at a later date. Some will purchase land to anticipate the development demand on the horizon.
- Buy an investment property. You may be interested in an investment property to build another revenue stream for your household. An investment property can be commercial or residential.
If you are ready to invest in real estate and want to explore your options, we would love to visit with you. There are great opportunities within Southeast Wyoming, and we understand what to anticipate in the market. Call us at 307-635-0303, or please visit our website at CheyenneHomeStore.com.