The Long-Term Benefit of Homeownership
Abstract
The National Association of Realtors (NAR)explains: “Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments’ Here’s a look at how just the home price appreciation piece can really add up over the years. The map below uses data from the Federal Housing Finance Agency (HFFA) to show how noteworthy those gains have been over the last five years. Even though home price growth has moderated this year, home values have still increased significantly in recent years. In most markets, home prices are still expected to appreciate nationally in 2023. That means, in most Markets, your home should grow in value over the next year.