Owning A House Was More Profitable Than Having A Job Last Year
A few weeks ago, I blogged about the reluctance of sellers to list their properties in the face of so much uncertainty.
But – there is another reason sellers are hanging on to their homes according to various macro pundits.
And that reason is massive appreciation.
According to this Motley Fool column, homeowners made more from appreciation last year on average than the average U.S. worker made from his job.https://www.jvmlending.com/blog/why-higher-rates-could-save-the-housing-market/
According to the Motley Fool post, the average home appreciated by $52,667 in 2021. Meanwhile the average salary in 2021 was $50,000.
Here in Concord, California the average price from December of 2020 to 2021 increased from $754,553 to $884,716 according to the Contra Costa Association of Realtors®. That increase of 17.3% amounts to a $130,000 growth in net worth. This is above the median household income of $92,706 from the U.S. Census Bureau.
This is one of the reasons that owning your own high quality real estate (like a home in Dana Estates) is one of the best investments you can make.
If you are curious about the value of your home, you can use this link to get your home value.
Real Estate Broker | Maclennan Investment Group, Inc.