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New research is highlighting the benefit of owning a home when it comes to net worth.

As reported by Mortgage News Daily, a few U.S. Census Bureau researchers analyzed data in 2015 and discovered home ownership, as well as having a retirement account, are two of the largest factors when it comes to the wealth in a household.

Net worth was measured by the value of the assets someone owns and subtracting the person’s debts. The researchers uncovered that net worth is a valuable indicator of a person’s well-being economically. One of the main reasons for this is during times of financial hardships someone may be able to fall back on their net worth as a monetary buffer.

The study also pointed out that homeowners have around 80 times more net worth than those who rent. For those who owned their home in 2015, and had a retirement account, their savings and equity made up more than 60 percent of the net worth of the household.

As you can see, being a homeowner may provide more financial security for you and your family. If you are interested in becoming a homeowner in Roseville, it is important to understand that there are a variety of home loan products to choose from. Each loan program, from Conventional, FHA, VA, USDA and more, has different qualification requirements.

Some loan programs have low down payment requirements, which means you don’t have to have 20 percent down to obtain a home loan. On top of that, some programs have low credit score requirements. So, if you are concerned about how much you have for a down payment or your credit score, it is important to contact a loan officer and walk through your financial picture.

At Element Mortgage, we have extensive experience in the Roseville market, and will take the time to understand your financial goals and try to help you get pre-approved, and possibly on your way to boosting your net worth with the purchase a home.

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