Housing & Urban Development Secretary Julián Castro was discussing home ownership recently in which he noted:
“Investment in a home is an investment in the long run in creation of wealth,” Castro said. “A confluence of better economy, wages starting to go up and gas prices going down create some breathing room for people stuck in that rut to save some money to buy that first home.”
“Homeownership is not going to be right for everyone out there. It makes sense for more Americans to own a home,” Castro said. “A home is often a primary source of wealth in a family. Aside from the challenge of incomes, so many Americans have a net worth close to zero. Having a home is generational way to pass that wealth on. We want people responsible enough to own a home to have that opportunity.”
I believe in home ownership and have been a homeowner for most of my adult life. I have found that that investment along with the purchase of rental property (both residential and commercial) has been the most important foundation of my net worth.