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Category: Homeownership

Learn more about Memphis real estate.

Unlocking Tax Savings: How Homeownership Can Boost Your Financial Health

January 15, 2025

Owning a home is a significant milestone, often associated with stability, investment, and personal accomplishment. Beyond the emotional and financial benefits, homeownership also offers substantial tax advantages that can reduce your overall expenses and increase your savings. In this blog post, we will explore the key tax benefits of owning a home and how you can maximize these advantages to support your financial goals. 1. Mortgage Interest Deduction One of the most well-known tax benefits of homeownership is the ability to deduct mortgage interest on your federal income taxes. This deduction can significantly lower your taxable income, especially in the early years of your mortgage when interest payments are higher. How It Works: Homeowners who itemize deductions on their tax returns can deduct interest paid on loans of up to $750,000 (or $375,000 if married filing separately) for mortgages taken out after December 15, 2017. For mortgages originated before this date, the limit is $1 million ($500,000 if married filing separately). Benefits: This deduction can save you thousands of dollars annually, depending on your mortgage amount and interest rate. It’s particularly beneficial for first-time homebuyers and those in higher tax brackets. 2. Property Tax Deduction Property taxes are another major

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Renting vs. Buying: The Secret to Building Wealth in America

November 27, 2024

Deciding whether to rent or buy a home is a significant financial and lifestyle decision. While renting may feel simpler in the short term, homeownership has long been recognized as one of the most effective ways to build wealth. Recent data from the Federal Reserve’s Survey of Consumer Finances (SCF) highlights just how stark the difference is between the financial outcomes of homeowners and renters. The Net Worth Gap: Homeowners vs. Renters The Federal Reserve’s SCF, released every three years, provides a detailed snapshot of household finances across the country. The latest report reveals that the average net worth of homeowners is a staggering $396,200, while renters lag far behind at just $10,400. This means that, on average, homeowners enjoy a net worth nearly 40 times greater than renters. Take a look at the chart below for a visual representation of this wealth gap:   This disparity didn’t appear overnight. It has grown steadily over the years, as demonstrated in the second chart:   Between 2019 and 2022, homeowner net worth experienced its largest three-year increase in the history of the SCF. Median net worth during this period more than doubled, illustrating just how much financial value owning a home

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Real Estate Still Holds the Title of Best Long-Term Investment

July 11, 2024

With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision. According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping 12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds. Just take a look at the graph below – it speaks volumes:   But why does real estate continue to reign supreme as a top-notch long-term investment? It’s because, even today, buying a home can be your golden ticket to building wealth over time. Unlike other investments that can feel a bit like riding a rollercoaster with all the ups and downs and ongoing risk factors, real estate follows a more predictable and positive pattern. History shows home values usually rise. And while prices may vary by market, that means as time goes by, your house is likely to appreciate in value. And that helps you grow

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Your Equity Could Make a Move Possible

June 1, 2024

Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. Maybe you’re in the same boat. But what if there was a way to offset these higher borrowing costs? There is. And the money you need probably already exists in your current home in the form of equity. What Is Equity? Think of equity as a simple math equation. Freddie Mac explains: “. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.” Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home price appreciation we saw in recent years, you probably have a whole lot more of it than you realize. The latest from the Census and ATTOM shows more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue

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The Perks of Buying over Renting

May 2, 2024

Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place. 1. Home Values Typically Go Up Over Time There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below): Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn’t follow the normal pattern, but generally, home values kept rising. This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over time, this growing equity can really increase your net worth. The Urban Institute says: “Homeownership is critical for wealth building and financial stability.” 2. Rent Keeps Rising in the Long Run Here’s another reason you may want to think about buying

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Bridging the Gaps on the Road to Homeownership

February 14, 2024

Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers. It’s clear that achieving homeownership is more challenging for certain groups because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the lowest homeownership rate nationally (see graph below): Homeownership is an important part of building household wealth that can be passed down to future generations. According to a report by the National Association of Realtors (NAR), almost half of Black homebuyers in 2023 were first-time buyers. That means many didn’t have home equity they could use toward their home purchase. That financial hurdle alone makes buying a home more challenging, especially at a time when affordability is a major concern for first-time buyers. Jessica Lautz, Deputy Chief Economist at NAR says: “It’s an incredibly difficult market for all home buyers right now, especially first-time home buyers and especially first-time home buyers of color.” Because of these challenges, there are several down payment assistance

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This information is deemed reliable but not guaranteed. Please contact Meridian Premier Homes to learn more about what properties are for sale and for current real estate information. Equal Housing Opportunity: Equal Opportunity Employer. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin.We are committed to making this website compliant with the Americans with Disabilities Act. We wish all of our visitors to be able to easily access our services. Accessibility and usability are not always possible in every area of the website or for those visitors using assistive technologies and devices. If, at any time, you have specific questions or concerns about the accessibility of any particular page, please contact us. Meridian Premier Homes. Privacy Policy | Consent Preferences.

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