Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families, according to NAR. Housing wealth or equity gains are built up through price appreciation and by paying off the mortgage. At the national level, a homeowner who purchased a single-family existing home 10 years ago would have gained $225,000 in home equity if the home were sold at the median sales price of $363,100 in mid to late 2021. As of March 2022, here in Portland home prices were up 6.8% compared to last year, selling for a median price of $550K. On average, homes in Portland sell after 6 days on the market, according to Redfin.

From 2010 through 2020, the metro areas with the greatest increase in middle-income homeowners were Phoenix, Austin, Nashville, Dallas, Houston, Atlanta, Orlando, Portland (Oregon), Seattle and Tampa. "Middle-income households in these growing markets have seen phenomenal gains in price appreciation," said Lawrence Yun, chief economist for the National Association of Realtors. "Given the rapid migration and robust job growth in these areas, I expect these markets to continue to see impressive price gains."

“Homeowners net worth is 41 times greater than renters. ”
— Forbes

Incentives of home ownership

  • Lock in your housing payment

  • Build equity over time

  • Plan for retirement

  • Build community

  • Benefit from tax incentives

  • Control your regular housing expenses

  • No landlord approval necessary

  • Customize & decorate as you wish

  • Build a strong credit history

  • Pet approved

“A typical mortgage pays itself off bit by bit over the 15 or 30 years you are making payments. With modest appreciation in the value of the home, at the inflation rate or a little bit above, people who buy a house in their 30s and stay there can end up with quite a valuable asset, debt free, in their 60s”
— The New York Times