Why should i focus on

buying a home?

The Importance of buying a home

In today’s economic situation, California natives are faced with the following question going into adulthood: Can I afford to live here, or do I have to leave?

Prices are continuing to rise with no end in sight. But what if you don’t have to leave the place you love and grew up in? The solution: BUY A HOME!

Although it seems impossible, it is very possible with the right information and mindset! We are going to focus on three things: Rent vs Buy and costs associated, Equity Opportunities, and First-Time Homebuyer Assistance

Equity Opportunities

One of the main perks of owning a home is the equity opportunities that come with it! It is known

in California that prices continuously go up. In fact, the median price for a home in August 2020 was 14.5% higher than August 2019 despite a pandemic! (http://www.homebuyinginstitute.com/news/outlook-strong-after-record-breaking-summer/). This money can be used for many things: such as lowering the monthly payment of your home with refinancing, pulling extra cash out of your home, or selling the home for more than what you bought it for!

Rent vs Buy

A dilemma many face is this: is it cheaper to rent or buy a home? At first it easy to say buying a home is more expensive, but it is important to look at every aspect before jumping to a conclusion. In a table provided by CAR (https://www.car.org/marketdata/data/rvb), is an example of how the subtotal of the expenses of both buying and renting can add up, but the difference in the lower half of the table is the savings occurring from things such as tax breaks, equity, etc.

First Time Homebuyer Assistance

There are many programs that are available to assist first time home buyers with down payment assistance! California has resources available at https://www.calhfa.ca.gov/homebuyer/programs/myhome.htm. In addition, The Federal Housing Administration has an FHA Loan that allow new home buyers to put down minimum down payment at https://www.fha.com/fha_loan_requirements. There are no excuses to fulfill your dream of buying your home and staying in California!

The information presented here is the full responsibility of the poster and not that of California State University, Sacramento.